The Namibian Ports Authority (Namport) has announced the handover of the container handling operations at the New Container Terminal at the Port of Walvis Bay to Terminal Investment Limited (TIL), with the commencement of the concession being effective from the 1st of October 2024.
Terminal Investment Limited (TIL), a subsidiary of the MSC Mediterranean Shipping Company, will operate the terminal through its newly incorporated Namibia subsidiary, Terminal Investment Namibia (TiN).
In terms of the concession agreement, TiN will operate and manage the terminal for 25 years, a move aimed at significantly enhancing operational efficiencies while increasing revenue and cargo throughput.
“Namport is excited about this partnership, and this watershed development underscores its commitment to improving port operations, addressing the growing demands of the Namibian and regional markets. It will, without a doubt, entrench Namibia and Namport’s competitiveness amongst other coastal states and developing ports in the region and significantly contribute towards the attainment of Namibia’s vision to be the logistics hub for the region,” the national ports operator said.
The handover will now see the commencement of substantial operational improvements at the New Container Terminal, which include immediate dredging activities aimed at widening and deepening the entrance channel to 16 metres Chart Datum (CD) to accommodate larger vessels.
“TiN is dedicated to expanding the terminal facilities to ensure long-term growth and adaptability, prioritizing increased storage capacities and improved cargo handling processes. This handover not only celebrates the commencement of TiN operations but also sets the stage for future port developments that will benefit both the local and international shipping communities.”
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. Namport also aims to recoup its investment and leverage TIL’s expertise to enhance the port’s efficiency and competitiveness.
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.
