Home » Ports/Terminals » Poland terminal operator secures loan worth $46.5M

Baltic Container Terminal in Gdynia, Poland

Baltic Container Terminal Ltd (BCT), a subsidiary of Manila-based International Container Terminal Services, Inc (ICTSI), recently secured loans for upgrade and expansion of its Gdynia, Polish terminal concession.

The credit agreement with Poland’s Bank Pekao S.A amounts to $46.5 million, consisting of a 10-year capital expenditure loan, refinancing of an existing long-term loan, and an overdraft facility. This is meant to supplement a $17.3-million subsidy from the Center for EU Transport Project.

The Gdynia terminal modernization project is estimated to cost about $49.2 million and will be completed by the end of 2015.

BCT will use the funds to invest in new equipment such as quay cranes, rubber-tired gantries and rail-mounted gantries and in IT systems.

Terminal yards and roads will be modernized, and the number of reefer container racks boosted. A GPS system will be deployed to help in equipment positioning, and automated gates installed.

The investment will increase BCT’s annual capacity by 60%, from 750,000 twenty-foot equivalent units to 1.2 million TEUs.

Photo from http://www.ictsi.com/gallery.aspx?p_id=41&id=127&paging=1

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