Brazil’s container terminal, Terminal de Containeres do Paranagua (TCP), has secured an approval on a contract extension of its investment plan, worth $310m, with Secretaria de Portos (SEP), the administrative body of the Brazilian Government.

The programme is said to be a part of an early renewal proposal of the terminal’s concession contract for another 25 years, beginning in 2023, subject to the new regulatory frame of the port sector.

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During the initial phase of the project, $154m will be invested to expand TCP, which will include extending the pier by 220m to 1,100m in quay length, construction of dolphins to be used exclusively for the operation of vehicle carrier vessels, and the enhancement of the terminal’s yard area from 320,000m² to 500,000m².

“$154m will be invested to expand TCP, which will include extending the pier by 220m to 1,100m in quay length.”

The work on the initial phase of the project is expected to be completed by the end of 2018.

By 2019, TCP anticipates an increase in its handling capacity by 67% from 1.5 million to 2.5 million twenty foot equivalent unit (teu) annually.

TCP CEO Luiz Antonio Alves said: "Over the past four years, we have invested approximately R$400m in the expansion and modernisation of TCP, nearly doubling its capacity to 1.5 million teu’s and increasing its productivity considerably.

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"With this new investment, we will be taking another step, pushing us ahead of the market trends in cargo handling, where ships are becoming larger and larger. The new quay extension will allow TCP to simultaneously receive as many as three of the largest ships that operate in international trade."

TCP is also set to invest $154m over the next 35 years to cater to the evolving and competitive maritime market, as stated by Alves.