Cochin Port Officers Association has urged Union Shipping Minister Nitin Gadkari and Kerala Chief Minister Oommen Chandy to constitute a high-level committee to recommend measurers for the revival of the Vallarpadam International Transhipment Container Terminal.
According to the association, ICTT was a dream project of the country when it was launched in 2005. However, it could not grow into a true international transhipment hub due to various reasons, both domestic and foreign, even after Cabotage laws were relaxed in December 2012, reported The Hindu.
CPOA cited reasons such as lower cargo-related charges at Colombo, higher capacity at neighbouring ports, lack of interest shown by shipping lines, non-availability of sufficient base cargo (origin destination) in the immediate hinterland for the terminal's dismal performance.
In a statement issued here, the union pointed out that the rationale behind the project was to have a world-class transhipment terminal in India, augmenting the Indian exim trade, both in terms of cost as well as time and efficiency, as in ports such as Colombo, Singapore and Salalah.
However, the project has not taken off as envisaged and is still functioning in its 35 percent capacity even after completing three years of operation. The Centre had spent over US$284 million on the project and the terminal operator about $184 million.
The project was commissioned with a capacity of one million TEUs a year in the first phase, predominantly for catering to transhipment cargo. But the maximum throughput achieved is only 346,000 TEUs a year and the transhipment volume was less than 27,000 TEUS.
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