Thoresen Thai Agencies Plc in April signed a landmark contract in the development of the Thoresen Group to enter into a 49% joint venture with the Sharjah Port Authority in the United Arab Emirates to manage the three UAE-ports of Port Khalid, Hamrijah and Sharjah Creek. Port Khalid is the largest of the three ports and is located some 16 km south of Dubai. Together the three ports handle approximately 1 million tonnes of cargo per year.
The new partly Thoresen owned company, Sharjah Ports Services Llc took over on May 2, 2002 all stevedoring, cargo handling, cargo storage, cargo delivery, marketing and accounting for all general cargo, ro-ro and reefer and break-bulk cargoes of the three ports. Last year, these services generated a turnover of 35 million Dirhams (412 mill. Baht). This is expected to increase 20 % this year. The management contract is initially for a 10 year period and includes responsibility for the existing 500 employees of the port and all equipment being used at the commencement of the contract.
Thoresen’s 49% stake represents a paid up capital of approximately 6 mill. Baht.