[经管营销]7+Standard+Chartered+Doraleh+Container+Terminal+FINAL+v2.pptVIP

Case Study: Doraleh Container TerminalDjibouti IFC Ports PPP Seminar, Cairo April 2010 Table of contents Project description Financing approach The importance of cashflow The most valuable asset – the concession agreement Understanding and mitigating the risks that impact on a project’s cashflow Doraleh Container Terminal - challenges 1. Project description Doraleh Container Terminal – the facts Greenfield container terminal in Djibouti The $396 million project represents the first ever PPP style financing in Djibouti Joint venture between the Djibouti government and DP World 30 year concession Djibouti port has a monopoly position for Ethiopian imports and exports The port is also strategically situated on the main east-west shipping lanes which makes it very competitive for transhipment traffic The new terminal has an annual capacity of 1.5 million TEU (twenty foot equivalent container units) Project financing of $263m 2. Limited recourse lending (project finance) Financing a private sector port development: No loan to government Borrower is a single purpose business Separate legal and financial entity with ring-fenced cash flows Sponsor guarantees don’t cover all the risks High leverage and long repayment terms Contracts with major project parties are a key credit support mechanism Security rarely covers the nominal value of the loan Doraleh, a strategic location for transhipment Shareholding structure 100% DP World Government of Djibouti DP WorldDjibouti Port Autonome International de Djibouti (PAID) Doraleh Container Terminal 100% 33.3% 66.7% ConcessionAgreement ManagementAgreement JVAgreement DCT contract structure DirectAgreement DirectAgreement ProcurementAgreement ManagementContract Port ServicesAgreement DredgingContract EquipmentContract Fixed PriceConstruction Contract DirectAgreement FinanceAgreement Economic Performance is a catalyst for growth, private sector development, and trade created jobs (500 during constru