The threeberth installation to be known as Santa Caterina Container Terminal, is due to open in early 2007. With a draught of 16 metres it will be able to handle vessels of up to 9,000TEUs. Annual capacity will be in the region of 300,000 containers in the first phase of development handled at a 350,000 sq metre yard. 70% of the cost is being met by the Battistella conglomerate and 30% by the aforementioned Brazilian line which forms part of the Hamburg Sud group. A US$56m loan has been taken out from the Interamerican Development Bank (BID) to finance much of the work.