The project is to widen the port area (currently focused on containers) and transform it into a cruise port, with a few container elements, to attract the cruise market in the eastern Mediterranean.

Last year, the company closed a $24.8m project finance transaction for Constanta South Container Terminal, the Romanian port container terminal operator which is owned by DP World.  

Then in June this year, Pinsent Masons closed a project finance transaction for Argentinean port container terminal operator Terminales Rio de la Plata, which is majority owned by DP World. The total financing package was $90m – part of it was used to refinance existing debt from HSBC, part for capex and part for further development.

Pinsent Masons says that among key trends is the potential use of surplus land to fund port development, and how this can make projects more marketable and fundable.

Meanwhile, opportunities offered by Indian ports and the whole issue of connectivity in India in order to get goods to and from market add up to a major issue.

“To date, India has not developed its ports to accept significant containerisation of cargo movement. Indian container ports handle 5m teu per annum. It is estimated that around $15bn will be invested in Indian port development through the PPP (public/private partnership) route over the next ten years and therefore a thorough understanding of this form of procurement is required, including an appreciation of the political, social, willingness-to-pay and profitability changes that can be encountered in India.”