PSA partners with IPH on U.K. short-sea terminal

PSA partners with IPH on U.K. short-sea terminal PSA International and International Port Holdings said today they have formed a joint venture company to operate a short-sea container terminal at the Great Yarmouth Port in the United Kingdom.
   PSA, the world's second-biggest terminal operator, will hold 60 percent of the shares and IPH 40 percent. The operational rights of the terminal have been granted for 30 years, extendable for another 30 years.
   PSA International and IPH, through the joint venture company, said they plan to invest nearly $60 million to develop the first phase of the terminal, which is projected to open in late 2008. The terminal will then have a quay length of 200 meters and annual capacity will be 250,000 TEUs. In the second phase, the quay length and the terminal capacity could be doubled.
   'There's a growing demand for feeder and short-sea capacity in the U.K.,' said Pierre Timmermans, chief executive officer, PSA Europe, in a statement. 'The Great Yarmouth Port offers the lowest transit times from the Northern European mainland, e.g. from Antwerp or Zeebrugge, and is thus ideally located. By starting a short-sea container terminal in this port, we can offer our customers a fast, congestion free entry to the U.K. hinterland.'