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Add to Preferred SourcesThe Port of Cork marked a major milestone for the company with the launch of the new Cork Container Terminal development in Ringaskiddy.
The Cork Container Terminal will initially offer a 360 metre quay with 13 metre depth alongside and will enable larger ships to berth in Ringaskiddy. The development also includes the construction of a 13.5 hectare terminal and associated buildings as well as two ship to shore gantry cranes and container handling equipment.
Andrew McDowell, European Investment Bank Vice President said “The redevelopment of Ringaskiddy will transform links between Ireland, Europe, and the world, support exports by Irish business and create a world-class maritime logistics hub. The European Investment Bank is pleased to provide a EUR 30 million 18 year long-term loan alongside financing from leading Irish institutions for this crucial investment for Cork and Ireland. EIB support reflects the economic benefits and urban redevelopment to be unlocked in the coming years and the importance of ensuring alternative transport routes given export growth and ongoing uncertainties related to Brexit.”
The requirement for the development of new container handling facilities at Ringaskiddy was identified in the Port of Cork’s Strategic Development plan in 2010. It will accommodate current and future container shipping which can be serviced by modern and efficient cargo handling equipment with innovative terminal operating and vehicle booking systems. The Port of Cork anticipates that Cork Container Terminal will become operational by 2020.
Chairman of the Port of Cork, Mr John Mullins said: “The Port of Cork’s redevelopment at Ringaskiddy is a key growth enabler for both Cork city and region as well as the national economy and will enable the Port to deliver more efficient container handling facilities, replacing the existing container terminal at Tivoli, and securing the Cork Container Terminal as an international gateway for trade well into the future. The transfer of Port-related activities from the city and Tivoli will create a real opportunity for Cork Dockland sites to be redeveloped in the near future.”
Port of Cork Chief Executive, Brendan Keating said: “This development will secure the future for the Port of Cork, and ensure the trade gains are translated into significant economic benefits for the people of Cork and the Munster region, as well as the national economy. As part of this redevelopment, the Port of Cork will deliver a public marine leisure amenity at Paddy’s Point and has also committed a €1 million community gain fund for the Ringaskiddy area for the development of an enhanced public realm scheme. We look forward to supporting the community and Cork County Council as they prepare and implement the scheme.”
Original source: EIB
Published on 18 June 2018