Gdansk to see new $200 million container port from 2004

A British group, DCT Gdansk Plc, has signed a contract to build and operate a deep-water container terminal in the port of Gdansk, a project which would open up new transport routes prior to the EU's eastward expansion. Privately owned DCT said yesterday that, under phase one of the project, it would build a $200 million container terminal capable of handling 500,000 units per year. The group would obtain a 60-year operating lease with an option to extend it for a further 30 years. It is seeking backing from private equity houses, banks and shipping lines and expects funding to be in place within six to eight weeks. Construction is expected to begin in 2004. The terminal would commence operations in the project's third year, by which time container traffic is expected to have reached 80,000 units, rising to the full capacity of 500,000 by year six. (Reuters) A.K.