3 investors groups eyeing Subic port
Three foreign groups have expressed interest to bid for the 30-year contract to operate the new container terminal in Subic Bay Freeport.
“We can’t disclose [the identities of the companies] yet. All are foreign groups. [We will accept] bids by end-June,” said Subic Bay Metropolitan Authority administrator Armand Arreza in a text message yesterday, adding the groups came from Asia and Europe.
The three companies will face a Swiss challenge from Subic Bay International Terminal Holdings Corp., which holds the right of first refusal on the operations and management of the new terminal.
Subic Bay International, a joint venture between the agency (15 percent share) and Subic Bay International Terminal Holdings Inc. (85 percent), operates the existing container terminal in the Freeport under a concession agreement granted by the agency in 2000.
The new port, located at the Cubi Point, covers 14 hectares and has a capacity of about 300,000 twenty equivalent units. It is expected to process up to 150,000 containers by the end of the year and 250,000 containers by 2008.
The agency has set the minimum bid at around $1.5 million, which covers the annual lease and concession. It also provides for a 10 percent to 14 percent revenue share of the agency per container processed.
Arreza said the new container port was seen to generate revenues of as much as P300 million, or about $6 million, every year.
The second container terminal, which is adjacent to the terminal that will be bid out next month, is also scheduled for completion next month. It will also have a capacity of 300,000 TEUs.
Arreza also said that the annual inflow from the container terminal should be $45 million, including the escalation costs as stipulated in the terms of reference.
The revenues will ensure the agency it has enough funds to cover payment for its loan with the Japan Bank for International Cooperation. Proceeds of the loan were used to partially construct container terminals 1 and 2.
He said the agency invested about $60 million in the new terminals. Both terminals cost around $120 million to construct. Each container terminal has an area of 14 hectares. By Elaine Ruzul S. Ramos - Manila Standard Today
“We can’t disclose [the identities of the companies] yet. All are foreign groups. [We will accept] bids by end-June,” said Subic Bay Metropolitan Authority administrator Armand Arreza in a text message yesterday, adding the groups came from Asia and Europe.
The three companies will face a Swiss challenge from Subic Bay International Terminal Holdings Corp., which holds the right of first refusal on the operations and management of the new terminal.
Subic Bay International, a joint venture between the agency (15 percent share) and Subic Bay International Terminal Holdings Inc. (85 percent), operates the existing container terminal in the Freeport under a concession agreement granted by the agency in 2000.
The new port, located at the Cubi Point, covers 14 hectares and has a capacity of about 300,000 twenty equivalent units. It is expected to process up to 150,000 containers by the end of the year and 250,000 containers by 2008.
The agency has set the minimum bid at around $1.5 million, which covers the annual lease and concession. It also provides for a 10 percent to 14 percent revenue share of the agency per container processed.
Arreza said the new container port was seen to generate revenues of as much as P300 million, or about $6 million, every year.
The second container terminal, which is adjacent to the terminal that will be bid out next month, is also scheduled for completion next month. It will also have a capacity of 300,000 TEUs.
Arreza also said that the annual inflow from the container terminal should be $45 million, including the escalation costs as stipulated in the terms of reference.
The revenues will ensure the agency it has enough funds to cover payment for its loan with the Japan Bank for International Cooperation. Proceeds of the loan were used to partially construct container terminals 1 and 2.
He said the agency invested about $60 million in the new terminals. Both terminals cost around $120 million to construct. Each container terminal has an area of 14 hectares. By Elaine Ruzul S. Ramos - Manila Standard Today
Labels: sbma, Subic Bay International, subic port
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