The Namibian Ports Authority (NAMPORT) says the 25-year concession agreement with Terminal Investment Limited (TIL), to operate the new Container Terminal at the Port of Walvis Bay, will be finalised by the fourth quarter of 2024.
NAMPORT Manager for Marketing and Stakeholder Engagement Cliff Shikuambi says the project is at an advanced stage of completion.
TIL, a subsidiary of MSC Mediterranean Shipping Company, was selected as the preferred bidder in a competitive process that also included Abu Dhabi Ports.
“NAMPORT is presently finalising the process of concessioning the New Container Terminal (NCT) to Terminal Investments Limited as per the award conditions, the parties are now engaged in negotiations to conclude final details of the agreement. The project is at an advanced stage of completion, with expected completion by Q4 of 2024,” said Shikuambi.
He said the concession aims to attract private investment to enhance efficiency, competitiveness, and employment opportunities.
“This followed the decision of considering the concession to attract private investment for much-needed capital investments, grow volumes throughput, and enhance operational efficiencies as part of the drive to amplify competitiveness and, preserve and create employment,” he said.
The concession agreement will see TIL take over the operation of the terminal, handling cargo instead of an upfront payment to NAMPORT. The exact terms and conditions of the agreement are still being finalised, including the details of personnel transitions. The decision to concession the N$4.2 billion new container terminal, commissioned in 2019, was driven by significant changes in the shipping industry and challenging economic conditions.
TIL, founded in 2000, operates 60 terminals across 31 countries, handling at least 60 million TEUs annually. The company’s global reach and experience are expected to bring significant benefits to the Port of Walvis Bay and the Namibian economy.
In addition to the Walvis Bay project, NAMPORT is also planning to initiate port expansion at Lüderitz next year to support the country’s growing oil and gas, and green hydrogen industries.
These developments underscore NAMPORT’s commitment to positioning Namibia as a key maritime hub in Southern Africa.