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Port of Tallinn signs agreements for dry bulk, general cargo terminal development at Muuga

The listed Estonian port company Tallinna Sadam signed a cooperation agreement and a building title agreement with PK Terminal OU for the development of a dry bulk and general cargo terminal in Muuga Harbor, which deals with the handling and storage of round timber, wood pellets, metal products and crushed stone, informed Tallinna Sadam. 

The agreements are signed for a period of 20 years, with the option to prolong for another 15 years.

Margus Vihman, the company's chief commercial officer and member of the management board, said that for Tallinna Sadam,the establishment of a new terminal means additional revenue from port dues related to extra vessel calls and additional charges for handling cargo and the use of land. 

Estimated revenue from the agreements amounts to 14.6 mln euros in total over 20 years.

With the agreements, PK Terminal took over the right of use of the two quays and their hinterland area used in the former steel sheet galvanizing plant as well as the registered immovable at 2 Koorma Street. The total area of the dry bulk and general cargo terminal development is 4.4 hectares. The planned capacity of the terminal is up to 500,000 tonnes per year, which is scheduled to be achieved in the next three years.

"The new terminal will start to service mainly goods heading from Estonia to the Scandinavian countries, that is timber and wood products, and goods to be imported from Scandinavia to Estonia, like crushed stone. In addition, the terminal will handle the transshipment of metal products carried through and enhanced in Estonia," Vihman said.

PK Terminal is part of the Palgard Crane Group, which operates in Sweden and the Baltic states and whose main activities are loading and unloading and transport of materials in ports, warehouses and terminals. PK Terminal,which has previously been engaged in dry bulk warehousing and transportation in the port of Kunda, will bring modern technology and superstructure to the new terminal in Muuga Harbor, investing over 5 mln euros in the development of the terminal, taking into use new modern loading equipment.

Tallinna Sadam is a cargo and passenger port complex in the Baltic Sea region, which in 2018 serviced 10.6 mln passengers and 20.6 mln tons of cargo. In addition to passenger and freight services, the Tallinna Sadam group also operates in shipping business via its subsidiaries – OU TS Laevad provides ferry services between the Estonian mainland and largest islands, and OU TS Shipping charters its multifunctional vessel Botnica for icebreaking and construction services in Estonia and offshore projects abroad. The Tallinna Sadam group is also a shareholder in associate AS Green Marine, which provides waste management services. Tallinna Sadam group'ssales in 2018 totaled 130.6 mln euros, adjusted EBITDA was 74.4 mln euros and net profit amounted to 24.4 mln euros.

(Source: http://www.baltic-course.com/eng/good_for_business/?doc=149809)

13.06.2019

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