A new €80 million container terminal for the Port of Cork in Ringaskiddy will help secure Cork as an international gateway for trade well into the future, according to the Port of Cork chairman, John Mullins.
As construction work began on the project on Monday, Mr Mullins revealed the new Cork container terminal will initially offer a 360m with 13m depth to allow larger ships to berth at Ringaskiddy.
The development includes the construction of a 13.5-hectare terminal and associated buildings as well as two ship-to-shore gantry cranes and container handling equipment. It is anticipated that it will become operational by 2020.
"The Port of Cork's redevelopment at Ringaskiddy is a key growth enabler for both Cork city and region as well as the national economy and will enable the port to deliver more efficient container handling facilities, replacing the existing container terminal at Tivoli, " he said.
International gateway
The requirement for the development of new container handling facilities at Ringaskiddy was identified in the Port of Cork’s Strategic Development plan in 2010 and the new facility will secure the Cork Container Terminal as an international gateway for trade well into the future.”
Mr Mullins said that the Ringaskiddy development represents the most significant single investment in marine infrastructure and superstructure in the history of the Port of Cork Company with the €80 million investment being secured through an innovative financing structure.
The money was secured through a combination of funding sources including finance from Allied Irish Banks, the European Investment Bank, and the Ireland Strategic Investment Fund (ISIF) as well as European Union Connecting Europe Facility funds and self-finance.
Port of Cork Chief Executive, Brendan Keating, said the development will secure the future for the Port of Cork, and ensure the trade gains are translated into significant economic benefits for the people of Cork and the Munster region, as well as the national economy.
And he pointed out that the Port of Cork will deliver a public marine leisure amenity at Paddy’s Point as well as €1 million community gain fund for the Ringaskiddy area for the development of an enhanced public realm scheme to support the local community.
