Pakistan International Container Terminal

Pakistan International Container Terminal
Company typePublic
PSX: PICT
Founded2002; 22 years ago (2002)
HeadquartersKarachi, Pakistan
ParentInternational Container Terminal Services
Websitewww.pict.com.pk

Pakistan International Container Terminal (PICT) was a container terminal port located located at berths 6-9 on the East Wharf of the Port of Karachi.[1]

History

Pakistan International Container Terminal (PICT) was established in 2002 on build–operate–transfer basis.[2] It was a joint venture between Premier Mercantile Services and Hamburg Port.[1] The total cost of the project was estimated at $75 million out of which $9.25 million was funded by the International Finance Corporation in form of loans.[1][3] The funds were used to acquire container handling equipment and quay cranes.[1]

In 2003, PICT was listed on the Karachi Stock Exchange, following an initial public offering.[4][5]

In April 2004, the first phase of the project became operational at a cost of $30 million.[3][6]

In April 2012, International Container Terminal Services acquire 35 percent of the PICT.[7] As of 2012, it has a maximum handling capacity of 750,000 TEUs.[7]

In June 2023, PICT successfully completed its twenty-one year concession agreement with the Karachi Port Trust (KPT) and the terminal was transferred to KPT accordingly.[8][9] The same month, UAE based AD Ports Group leased the terminal for 50-years and renamed it Karachi Gateway Terminal Ltd.[10]

References

  1. ^ a b c d "Pakistan International Container Terminal - IFC". IFC.
  2. ^ "Deal signed for Karachi Port expansion". DAWN.COM. 24 April 2005. Retrieved 2 August 2019.
  3. ^ a b "2nd phase of PICT work begins in March". DAWN.COM. 27 January 2005.
  4. ^ Hussain, Dilawar (26 November 2003). "OGDCL IPO attractsRs28bn". DAWN.COM.
  5. ^ "Company Profile".
  6. ^ "Common user container terminal". DAWN.COM. 16 August 2003. Retrieved 2 August 2019.
  7. ^ a b "Philippine operator to buy 35 per cent of Pakistani container terminal". DAWN.COM. 2 April 2012. Retrieved 2 August 2019.
  8. ^ Ahmad, Daniyal (10 July 2023). "PICT clarifies end of operations, handover". Profit by Pakistan Today. Retrieved 26 August 2024.
  9. ^ Alam, Kazim (17 October 2023). "Pakistan International Container Terminal Ltd yet to find business opportunity". DAWN.COM.
  10. ^ "UAE firm to operate Karachi Terminal". DAWN.COM. 23 June 2023. Retrieved 26 August 2024.