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PortCastelló’s board of directors endorses 2024 business plan

22 December 2023

Consejo de Administración

The Port Authority of Castellon’s Board of Directors has today endorsed the measures in its 2024 Business Plan which envisages €378 million in investment over the next five years and beyond.

This investment is primarily for developing infrastructures at the Port of Castellon’s South Dock, rail and road accessibility and the South Costa Quay.

In fact, 62% of the €378 million is earmarked for these three strands, as follows:

  • €120 million for the development of ‘Octopus’. The main initiatives include €66 million for extending the berthing line by 865 metres and a further €7 million for the enclosing breakwater, a project which has already been put out to tender and will involve creating new esplanades through infill.
  • €90 million for railway accessibility with measures for connecting the Port of Castellon to the Mediterranean corridor and also for its internal railway network. Construction of the entire route is on schedule and all the sections of the project are underway.
  • €23 million for extending the enclosing breakwater at the South Dock. This will add to liquid bulk handling capacity.

The Chairman of the Port Authority, Rubén Ibáñez, pointed out that this investment “will enable us to develop production infrastructures in the Port of Castellon which will make it more competitive, efficient and attractive for setting up new businesses.”

Rubén Ibáñez further briefed the Board of Directors on the provisional approval of the review of the Trans-European Transport Network Regulation whereby the Port of Castellon is included in the core network as it is seen as a priority. “This decision is a milestone for better connectivity and puts the Port of Castellon on the map of the core transport network,” he argued.

The Board of Directors was also told about the 28% rise in value of the Port of Castellon’s non-current assets in 2024 compared to 2022. These intangible assets and property, plant and equipment are currently estimated at €325.4 million. In spite of this increase, the Port of Castellon has chosen to cut charges and maintain rebates to attract new investors and be more competitive.

Hence the Port Authority is reducing the occupancy charge for next year by 15% for solid bulk terminals and 20% for general cargo terminals.

Likewise, it is also keeping its rebates for 2024 and is giving 40% off the rate for container and Ro-ro ships coupled with 40% off tile shipments. This percentage is the maximum rebate allowed by law.

In addition, the Port Authority of Castellon has reassessed the valuation of its land in 2023, enabling it to reduce the occupancy rates for all the port’s concessionaires.

 

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