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FINANCIAL CHRONICLE™ » EXPERT CHRONICLE™ » Access Engineering-led JV gets Rs. 43 b deal to build East Container Terminal

Access Engineering-led JV gets Rs. 43 b deal to build East Container Terminal

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samaritan

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Access Engineering-led JV gets Rs. 43 b deal to build East Container Terminal SRI-LANKA









Access Engineering-led JV gets Rs. 43 b deal to build East Container Terminal Image_8def0d20ce
AEL MD Rohana Fernando 


Access Engineering PLC (AEL), in joint venture with its technical partner China Harbour Engineering (CHEC), has been awarded the contract to construct the East Container Terminal (ECT) of the Sri Lanka Ports Authority (SLPA). 
The project was advertised for competitive bidding where a local company was required to be the majority shareholder of a proposed JV with the requirement of major marine construction experience being contributed by the respective international partners. AEL holds 51% of the JV and is set to gain technical knowhow and experience of building large-scale marine construction projects.  AEL is Sri Lanka’s leading construction enterprise and CHEC is a world-renowned marine contractor.

“We will strive to complete the project ahead of the scheduled 36-month contract period,” AEL Managing Director Rohana Fernando said.

He further stated that this may be the single biggest contract awarded to a Sri Lankan-led JV and commended how SLPA had promoted and given the opportunity for Sri Lankan companies to take part in such large infrastructure projects.  Upon successful completion of the ECT project, AEL will get the required experience to compete for similar projects outside Sri Lanka. 

The ECT was originally planned to be commercially operational in 2016 and will be eight years behind schedule when operations are earmarked to begin in 2023. The SLPA has fast-tracked the bidding process and has set aside SLPA reserve funds which allow it to own and operate the terminal. 

ECT is the second deep water terminal to be developed since the Colombo International Container Terminal (CICT) started commercial operations in 2013. 

CICT for the first time will surpass three million TEUs by the end of 2021 which will stagnate further deep water berthing capacity until ECT begins commercial operations with the development of its first 600 m of berthing capacity scheduled to be completed by May 2023 whilst the full terminal development up to 1,320 m is scheduled to be completed by end of 2024, allowing a three million TEU throughput capacity when fully operational.  

With the West Container Terminal concession already signed with Adani Ports, India and John Keells Holdings, it is expected for a further three million TEU capacity by end of 2024. Therefore with a total of additional six million TEU capacity available from 2025, the Colombo Port is ready to become a premier transhipment hub, giving much-needed impetus to the Sri Lankan economy.              

 
https://www.ft.lk/front-page/Access-Engineering-led-JV-gets-Rs-43-b-deal-to-build-East-Container-Terminal/44-726879

Riz123 and Chathur like this post

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samaritan wrote:
Access Engineering-led JV gets Rs. 43 b deal to build East Container Terminal SRI-LANKA











Access Engineering-led JV gets Rs. 43 b deal to build East Container Terminal Image_8def0d20ce
AEL MD Rohana Fernando 


Access Engineering PLC (AEL), in joint venture with its technical partner China Harbour Engineering (CHEC), has been awarded the contract to construct the East Container Terminal (ECT) of the Sri Lanka Ports Authority (SLPA). 
The project was advertised for competitive bidding where a local company was required to be the majority shareholder of a proposed JV with the requirement of major marine construction experience being contributed by the respective international partners. AEL holds 51% of the JV and is set to gain technical knowhow and experience of building large-scale marine construction projects.  AEL is Sri Lanka’s leading construction enterprise and CHEC is a world-renowned marine contractor.

“We will strive to complete the project ahead of the scheduled 36-month contract period,” AEL Managing Director Rohana Fernando said.

He further stated that this may be the single biggest contract awarded to a Sri Lankan-led JV and commended how SLPA had promoted and given the opportunity for Sri Lankan companies to take part in such large infrastructure projects.  Upon successful completion of the ECT project, AEL will get the required experience to compete for similar projects outside Sri Lanka. 

The ECT was originally planned to be commercially operational in 2016 and will be eight years behind schedule when operations are earmarked to begin in 2023. The SLPA has fast-tracked the bidding process and has set aside SLPA reserve funds which allow it to own and operate the terminal. 

ECT is the second deep water terminal to be developed since the Colombo International Container Terminal (CICT) started commercial operations in 2013. 

CICT for the first time will surpass three million TEUs by the end of 2021 which will stagnate further deep water berthing capacity until ECT begins commercial operations with the development of its first 600 m of berthing capacity scheduled to be completed by May 2023 whilst the full terminal development up to 1,320 m is scheduled to be completed by end of 2024, allowing a three million TEU throughput capacity when fully operational.  

With the West Container Terminal concession already signed with Adani Ports, India and John Keells Holdings, it is expected for a further three million TEU capacity by end of 2024. Therefore with a total of additional six million TEU capacity available from 2025, the Colombo Port is ready to become a premier transhipment hub, giving much-needed impetus to the Sri Lankan economy.              

 
https://www.ft.lk/front-page/Access-Engineering-led-JV-gets-Rs-43-b-deal-to-build-East-Container-Terminal/44-726879
Long awaited journey began for AEL.N  , Book is full with massive projects, share will immediately move to 40+ range
Good luck

samaritan likes this post

Reason why AEL is not moving

This will start from today...  Basketball Basketball

Riz123 likes this post

Access will do wonders coming days..

AEL's partnership with CHEC in the Marina Square development was the foundation for a long lasting enviable relationship that is to be continued in the development of Port City phase1, which is a significant milestone in the Company's proud history of being the foremost construction Company in Sri Lanka. This is just the beginning of a successful journey for AEL. It is noteworthy to mention that CHEC is a giant global conglomerate in construction specialized in virtually all fields of construction including specialization in maritime related projects. 


AEL is heading on a long successful journey with the pride of partnering CHEC. Today 1 million shares changed hands at Rs32/50 which is just the beginning of a significant interest and future appreciation of AEL's share price.


I see a 100billion market cap on the horizon. GL

Access Engineering-led JV gets Rs. 43 b deal to build East Container Terminal Ael10

Chathur likes this post

Stockbull wrote:Access Engineering-led JV gets Rs. 43 b deal to build East Container Terminal Ael10
50+

Access Engineering PLC empowers the nation by providing infrastructure solutions to the Mannar Wind Power project, the first large-scale wind farm in Sri Lanka. The revolutionary 100 MW semi-dispatchable wind power plant is expected to supply more than 380 million units of electricity to the national grid annually.
Access Engineering-led JV gets Rs. 43 b deal to build East Container Terminal 1644909072594?e=1648684800&v=beta&t=jTdlUE0_WNRjg7sgvb3MP8EXoXMfMhXGsDo_UimRYrM


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