Prime Minister Andrew Holness greets French Ambassador to Jamaica, His Excellency Jean-Michel Despax at a press conference held this morning (Friday, July 1) at Jamaica House where the Prime Minister revealed that Kingston Container Limited has been succe
Prime Minister Andrew Holness greets French Ambassador to Jamaica, His Excellency Jean-Michel Despax at a press conference held this morning (Friday, July 1) at Jamaica House where the Prime Minister revealed that Kingston Container Limited has been succ
The Kingston Container Terminal (KCT) has been divested. Kingston Freeport Terminal Limited (KFTL) officially took over operations of the entity on Thursday.
Prime Minister Andrew Holness, who made the announcement Friday morning at Jamaica House said the upfront and other fees required under the Concession Agreement were paid over to the Port Authority on Thursday, allowing for the transfer of the KCT.
He said the development is timely as it is coming on the heels of the opening of the expanded Panama Canal.
Mr. Holness added that KFTL has secured all the funding required for the first phase of the capital works, which will involve the dredging and deepening of the Kingston Harbour.
The agreement gives KFTL a 30 year concession with the right to operate, maintain and transfer the KCT at the end of the period.
KFTL is a local company established by Terminal Link. Its parent company is CMA CGM, one of the top three shipping lines in the world.
In the meantime, the positions of all 834 employees of the Kingston Container Terminal were made redundant and payments made on Thursday.
Mr. Holness says the concessionaire has offered employment to all eligible KCT employees as well as additional technical staff who were previously employed to the Shipping Association of Jamaica.
Their tenure with the new organization began Friday morning.
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