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Overview

Bank of China (Thai) provides bridge loan for Laem Chabang Port Terminal Phase III Public-Private Partnership (PPP) Project

Commitment Year•2021Country of Activity•ThailandDirect Recipient Country of Incorporation•ThailandOverseas Jurisdiction•ThailandSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 30, 2021
End (planned)
Dec 31, 2025

Geospatial footprint

Map overview

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The purpose of the project is to construct six quays and a railway station at Laem Chabang Port in Tungsukla Subdistrict, Sriracha District, and Chonburi Province. Four container berths are expected to add capacity of 7 million containers per year, while a general berth is expected to handle a million containers per year. A RO/RO terminal is expected to accommodate a million cars per year. More detailed locational information can be accessed at https://www.openstreetmap.org/way/198261241

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (Thai) Public Company Limited

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • GPC International Terminal Co., Ltd.

Loan desecription

Bank of China (Thai) provides bridge loan for Laem Chabang Port Terminal Phase III Public-Private Partnership (PPP) Project

Interest type•Unknown

Narrative

Full Description

Project narrative

On November 30, 2021, the Port Authority of Thailand (PAT) and GPC International Terminal Co., Ltd. — a Thailand-incorporated special purpose vehicle and joint venture of Gulf Energy Development plc (GULF) [40% equity stake], PTT Tank Terminal Company Limited (PTT TANK) [30% equity stake] and CHEC OVERSEA INFRASTRUCTURE HOLDING PTE. LTD. (CHEC OVERSEA) [30% equity stake] — signed a public-private partnership (PPP) contract for the development and operation of the Laem Chabang Port Phase 3, Terminal F Project in Tungsukla Subdistrict, Sriracha District, and Chonburi Province. The PPP contract specifies a 4-year construction period and a 35-year concession period for the $914.5 million project. The Bank of China (Thai) (BOCT) subsequently issued a bridge loan to GPC International Terminal Co., Ltd. for the Laem Chabang Port Terminal Phase III PPP Project. The borrowing terms of the loan are unknown. The purpose of the project is to construct six quays and a railway station at Laem Chabang Port in Tungsukla Subdistrict, Sriracha District, and Chonburi Province. Four container berths are expected to add capacity of 7 million containers per year, while a general berth is expected to handle a million containers per year. A RO/RO terminal is expected to accommodate a million cars per year. As of February 2024, construction of sand barriers was 71% complete, excavation and dredging was 61% complete, and wave barriers were 39% complete. The port was originally scheduled to open for commercial operations by 2025.

Staff comments

1. This project is also known as the Laem Chabang Port Phase 3, Terminal F Project. The Chinese project title is 林查班港港 or 林查班港第3期的 or 林查班港F港区三期 or 林查班港三期开发项目. The Thai project title is โครงการ PPP ท่าเทียบเรือแหลมฉบัง ระยะที่ or โครงการ ท่าเทียบเรือแหลมฉบัง ระยะที่ 3. 2. The PAT is responsible for the land reclamation work, while the private sector will be responsible for the design, construction, and operation and maintenance (O&M) services for F1 and F2 container berths to accommodate container throughput and implement automation technology for the operation of the project which can accommodate container cargoes of at least 4,000,000 TEU per annum, with a total berth length of 2,000 meters, and a total width of 550 meters. The F1 container berth is expected to start construction in 2023 and commence commercial operation in 2025, and the F2 container berth is expected to start construction in 2027 and commence commercial operation in 2029. 3. The face value of the bridge loan is unknown. This issue warrants further investigation.