The Ports of Sines and Algarve Authority (PSAA) has announced that the Portuguese government has approved the concession of the Vasco de Gama Terminal and the expansion of Terminal XXI, as the country works towards its Horizon 2026 initiative.
According to a statement from the PSAA, the expansion of XXI will increase the current TEU capacity from 2.3 million to 4.1 million, as well as the storage area from 42 hectares to 60 hectares at a cost of almost US$609 million, which will be made by PSA, the terminal operator.
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The construction of a new container terminal, the Vasco de Gama Terminal, represents an estimated total private investment of around $714 million. The concessionaire of the new terminal is yet to be decided.
Once operational, it will have an annual handling capacity of three million TEU and allow three simultaneous berth positions for the largest mega-ships in the world, as well as 46 hectares of storage area and 15 quay gantries.
The construction is estimated to have a total economic impact of $583 million or 0.28% of Portugal’s gross domestic product (GDP).
Furthermore, it is estimated that increase the TEU capacity of seven million, which it is hoped to guarantee the port’s ability to compete and attract new cargo and customers from global logistics chains.