In June 2002, Premier Mercantile Services (Pvt) Ltd ("PMS"), as Sponsors of the Project, entered into an Implementation Agreement ("IA") with Karachi Port Trust ("KPT") to design, construct, operate and transfer after 21 years a modern Container Terminal Project at berths 6-9, East Wharf, Karachi Port.
PMS are leading stevedores at the Karachi Port operating since 1964. Pakistan International Container Terminal Limited was formed as the Terminal Operating Company to develop and operate the Project in three phases with an aggregated cost of USD 75 million.
SALIENT FEATURES OF THE CONTAINER TERMINAL:
-- The Project commenced commercial operations in August 2002, within six weeks of taking over possession of the container terminal area from KPT with the existing container handling equipment of PMS; henceforth, the Project started generating business and paying Royalty and Land Rental to KPT within six weeks of taking the possession of the area.
-- The Phase I Development of the Project was successfully completed ahead of schedule in March 2004 and within the targeted cost of USD 30 million.
-- The terminal currently has 4 Ship-to-Shore ("STS") Quay Cranes, 2 Mobile Harbour Cranes, 10 Rubber Tyred Gantry ("RTG) Cranes and other ancillary equipment.
-- The dedicated area for the Terminal is 220,000 square meters. The Quay Wall length is 600 meters.
-- Amongst the present container terminals in Pakistan, PICT has the deepest designed berths, with a planned alongside depth of 13.5 meters and a current alongside depth of 12.2 meters.
-- An entire Power Generation Plant of 7.4 Mega Watt capacity is installed with Cummins (UK) generators. PICT is enhancing the capacity of the Power Plant to 10 Mega Watt.
-- In the completion of the first phase of the project the company broke new ground:
-- PICT is the only Container Terminal in Pakistan Sponsored and owned by Pakistanis
-- It is the only port infrastructure project whose shares are quoted on the Karachi Stock Exchange
-- It is the first port infrastructure project in Pakistan financed by International Finance Corporation ("IFC") - the private sector arm of the World Bank.
-- It is the first private sector project in Pakistan in which the Opec Fund for International Development has participated as financiers. Since the completion of Phase I of PICT in 2004, PICT container handling volumes have been significantly growing every year - achieving an annual growth of over 100 percent in 2005-6 to 302,000 TEU (Twenty Foot Equivalent Container Units).
-- PICT now serves 4 weekly shipping services and handles on average 27 container vessels a month. PICT has also installed the first Quayside Cranes in Pakistan which can lift two empty containers at the same time - thereby doubling its crane productivity on empty container moves.
-- Given the incredible growth of container handing of the terminal, PICT commenced Phase II and Phase III development at a cost of USD 45 million - five years earlier than the scheduled target date. Phase II Development has been completed and Phase III Development will be completed by December 2007.
-- Once the development work has been completed, PICT will have the capacity to handle over 550,000 TEUs per annum. PICT has also commenced e-clearance of cargo under the new Custom's PACCS System (Pakistan Customs Computerised System).
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