South African port and logistics firm Transnet SOC Ltd. signed a concession agreement with a company headed by Filipino billionaire Enrique Razon to expand the main terminal at the continent\u2019s top container hub in Durban.<\/p>\n\n\n\n
The signing of what Transnet described as South Africa\u2019s first port-privatization deal comes two years after the company awarded International Container Terminal Services Inc. the right to buy almost half of Container Terminal Pier 2 and manage the facility for 25 years. <\/p>\n\n\n\n
Razon\u2019s firm will spend about R11 billion on its plans.<\/p>\n\n\n\n
\u201cThis ground-breaking partnership is a step forward in Transet\u2019s ambition to be among the world\u2019s best ports,\u201d Transnet Chief Executive Officer Michelle Phillips said at a ceremony in Durban on Wednesday.<\/p>\n\n\n\n
The agreement marks the biggest attempt yet to bring in private expertise to revive state-owned ports, which rank among the least efficient globally, according to the World Bank. <\/p>\n\n\n\n
Pier 2 handles about 70% of Durban port\u2019s total throughput and more than 40% of South Africa\u2019s container volumes, Phillips said.<\/p>\n\n\n\n
The introduction of new technology and equipment is expected to increase Pier 2\u2019s capacity by 40% to 2.8 million twenty-foot equivalent units, while improving gross crane moves per hour to 28 from 18, and doubling ship working hours to 120, the company said in an emailed statement.<\/p>\n\n\n\n
\u201cThese improvements are envisaged to reduce logistics costs and improve service quality, thus broadening market access and attracting new volumes,\u201d it said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Transnet has signed a concession agreement with a company headed by Filipino billionaire Enrique Razon to expand the main terminal at the continent\u2019s top container hub in Durban.<\/p>\n","protected":false},"author":59,"featured_media":783321,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[24365,2138],"class_list":["post-846070","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-international-container-terminal-services-inc","tag-transnet"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/846070","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=846070"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/846070\/revisions"}],"predecessor-version":[{"id":846071,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/846070\/revisions\/846071"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/783321"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=846070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=846070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=846070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}