Wednesday, 20 June 2018

Port of Cork launches EUR 80 mln new Cork Container Terminal development

Posted on  | By Julia Louppova

The Port of Cork, Ireland, announced yesterday the commencement of the new Cork Container Terminal development in Ringaskiddy, a former fishing village 15 km from Cork city on the western coast of Cork Harbour and now a deep-water ferry port.
The Cork Container Terminal will be built on a 13.5 ha plot and will initially offer a 360m quay with 13m depth alongside. It will accommodate large containerships to be serviced by modern and efficient cargo handling equipment with innovative terminal operating and vehicle booking systems.
The Port of Cork anticipates that Cork Container Terminal will become operational by 2020.
The requirement for the development of new container handling facilities at Ringaskiddy was identified in the Port of Cork’s Strategic Development plan in 2010.
Chairman of the Port of Cork, Mr John Mullins said that the Ringaskiddy Port Redevelopment project will “enable the Port to deliver more efficient container handling facilities, replacing the existing container terminal at Tivoli, and securing the Cork Container Terminal as an international gateway for trade well into the future.”
He also added: “The transfer of Port-related activities from the city and Tivoli will create a real opportunity for Cork Dockland sites to be redeveloped in the near future.”
As part of this redevelopment, a public marine leisure amenity will be created at Paddy’s Point, including a new public pier and slipway accessible at all stages of the tide, new pedestrian walking routes, car parking and boat storage.
The Ringaskiddy project’s cost is estimated at EUR 80 mln and is funded by the Port through an innovative financing structure comprising Allied Irish Banks plc, the European Investment Bank (EIB), the Ireland Strategic Investment Fund (ISIF), as well as including the EU Connecting Europe Facility funds and self-finance.
The civil engineering contract for the project was awarded to BAM Civil Ltd., part of the Netherlands-based multi-national construction group, Royal BAM Group.
Commenting the EUR 30 mln long-term loan provided to the Port by EIB for 18 years, Andrew McDowell, EIB Vice President said: “The redevelopment of Ringaskiddy will transform links between Ireland, Europe and the world, support exports by Irish business and create a world-class maritime logistics hub. EIB support reflects the economic benefits and urban redevelopment to be unlocked in the coming years and the importance of ensuring alternative transport routes given export growth and ongoing uncertainties related to Brexit.”

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