PSA withdraws from Tuticorin three years ahead of schedule

India’s PSA Sical, a joint venture of PSA (62.5%) and local Sical (37.5%), has withdrawn prematurely from its concession to operate Berth 7 at Tuticorin, which was supposed to end in 2028, according to DynaLiners report.

The decision is attributed to a decrease in container volumes, high contractually mandated royalties, and a lack of infrastructure support from the port authority, according to DynaLiners analysts.

V. O. Chidambaranar Port Authority has assumed responsibility for the 370-metre quay, which will now be used for multipurpose cargoes.

The post PSA withdraws from Tuticorin three years ahead of schedule appeared first on Container News.