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The president of the Porto de Sines, José Luís Cacho said last week that the Vasco da Gama Terminal will go ahead with less investment than has initially been anticipated.
A date has yet to be set for the launch of a competition for the concession rights to build and manage the new shipping terminal, but the initial investment that is being proposed from private entities will be less than initially expected.
In an interview with the newspaper Negócios and RTP’s Antena 1 radio, the Board President of the Ports of Sines and Algarve said that the decision to launch the tendering competition would be taken by the Government. But José Luís Cacho said that construction work on the new shipping terminal would move ahead sooner or later.
The first competition for a 50year concession requiring an investment of €642 million was in April but had no takers.
José Luís Cacho believes that to ensure the economic viability of the project under current market conditions the project needs to be customised to handle less cargo.
The eventual goal to handle 3.5 million containers will remain, but this capacity will be achieved gradually, as will the initial investment which will be less than originally foreseen.
In other words, current economic conditions and the lack of takers at the original asking investment had been downscaled to reflect the new reality.
“The project had been based on the supposition that international shipping had been growing at 8.5% in this region which gave us an opportunity to sound out the market.
“Unfortunately, with the pandemic things changed,” he said, adding that even so, the ports company will make an investment to double current capacity to 4.5 million TEUs (a unit equivalent to one standard container).
According to the president of the Porto de Sines, the Minister for Housing and Infrastructures, Pedro Nunes Santos will announce the timeframe set for a fresh competition.

The expansion phase includes the construction of another 204 metres of quay to provide the terminal with a total of 1,150 metres long by the end of 2021, which represents an investment of $19.5m. This is the first expansion phase after the renegotiation process of the Terminal XXI concession, which, in its final configuration, will present a 1,750metre long quay that will be built gradually.

Sines’ Terminal XXI located on the main international maritime routes where the largest container ships in the world are in operation, and this investment reinforces the terminal's capacity to receive several megacarriers simultaneously and, therefore, increase its operational offer.

In October 2019, the Authority of the Ports of Sines and Algarve (APS) and PSA Sines signed an amendment to the concession contract that allows for new investments in relation to the expansion of the pier and the resizing and modernisation of the terminal, projecting an increase in the annual handling capacity from 2.3m to 4.1m teu.

In February of this year, APS awarded the Contract for the 3rd Phase of the Expansion of the East Breakwater of the Port of Sines, for an approximate amount of $85m, including the extension of the pier by 750 metres, which will reinforce the protection of the east of the Port of Sines, where Terminal XXI is located.

This work is part of a project approved by the Operational Programme for Competitiveness and Internationalisation (COMPETE 2020) and will benefit from Community funding, through the Cohesion Fund, of approximately $29.5m.


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