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Pakistan International Container Terminal
Business project at Karachi port From Wikipedia, the free encyclopedia
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Pakistan International Container Terminal (PICT) was a container terminal port located located at berths 6-9 on the East Wharf of the Port of Karachi.[1]
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History
Pakistan International Container Terminal (PICT) was established in 2002 on build–operate–transfer basis.[2] It was a joint venture between Premier Mercantile Services and Hamburg Port.[1] The total cost of the project was estimated at $75 million out of which $9.25 million was funded by the International Finance Corporation in form of loans.[1][3] The funds were used to acquire container handling equipment and quay cranes.[1]
In 2003, PICT was listed on the Karachi Stock Exchange, following an initial public offering.[4][5]
In April 2004, the first phase of the project became operational at a cost of $30 million.[3][6]
In April 2012, International Container Terminal Services acquire 35 percent of the PICT.[7] As of 2012, it has a maximum handling capacity of 750,000 TEUs.[7]
In June 2023, PICT successfully completed its twenty-one year concession agreement with the Karachi Port Trust (KPT) and the terminal was transferred to KPT accordingly.[8][9] The same month, UAE based AD Ports Group leased the terminal for 50-years and renamed it Karachi Gateway Terminal Ltd.[10]
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References
External links
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