BEIRUT
MSC has reportedly chosen the port of Beirut as its transhipment hub for the Eastern Mediterranean.
Issued in July, the bonds are in S$250,000 (US$151,000) denominations. Three-year bonds will bear interest at the six-month Singapore dollar swap offer rate less 0.06% per annum, and 10-year bonds will earn 2.83% interest per annum, both payable semi-annually.
This will boost throughput at the port from last year’s 390,000 TEUs to 450,000 TEUs during 2005.
Effectively, this will bring in Beirut to full capacity, prompting port managers to urge the government to finance the lengthening of the quay from 600m to 1900m, as well as adding new lifting equipment.