GENOA

The new Mediterranean Shipping Company (MSC) terminal being developed adjacent to the port’s largest container terminal facility, operated by Maritima Valenciana, is expected to commence operations in June/July 2006 and the unofficial word on the street is that Maritima Valenciana will operate this facility on behalf of MSC. Given the large volume of traffic that MSC now moves through the Maritima Valenciana facility and the inevitable movement of containers between the two facilities that will take place, especially in the start-up phase of the MSC terminal, this arrangement makes a lot of practical sense.

Genoa is forging ahead with efforts to secure funding to develop its facilities by meeting transport ministry officials and bank executives. The port is looking to commercial bank loans for a leg-up, as government funding is not proving sufficient. There has been investment interest from the Royal Bank of Scotland and the Macquarie Bank of Australia, according to Port Authority President Giovanni Novi. The approach is a novel one, but seen as simply a practical measure by the Authority. The port is showing the kind of improvement which will attract investors, with container throughput figures looking healthy, with a sharp rise in October this year.