Chattogram:Shipping Minister Shaikh Rabiul Alam announced a 15-year concession agreement between the Chattogram Port Authority (CPA) and Dubai-based DP World to modernize the New Mooring Container Terminal (NCT). The agreement prioritizes Bangladesh's financial and operational interests while introducing foreign investment and advanced technology.
According to Bangladesh Sangbad Sangstha, the agreement ensures Bangladesh will receive substantial financial returns and maintains the country's ownership, sovereignty, and control over the port. DP World will invest $150 million into modernizing the terminal, which includes upgrading equipment, digital integration, and automation.
The agreement stipulates that Bangladesh will retain 40% to 67% of revenue per twenty-foot equivalent unit (TEU), with the CPA guaranteed a minimum annual payment of Tk 10 crore. A mechanism is in place to protect CPA's revenue if container traffic distribution changes.
The modernization is expected to increase the terminal's capacity from 1.23 million to between 1.6 million and 1.8 million TEUs annually. Efficiency improvements include reducing truck waiting times and vessel turnaround times, moving towards paperless operations, and integrating digital systems.
The concession follows the Landlord Port Model, maintaining Bangladesh's regulatory control while allowing specialized management by DP World. Worker job security is also ensured, with opportunities for skill development.
The deal, reached after six months of negotiations, aims to enhance Chattogram's role as a regional maritime hub. The government anticipates the modernization will improve trade logistics and strengthen Bangladesh's export competitiveness. The agreement allows for a potential 15-year extension, contingent on mutual agreement.