New R200m shipping terminal expected to bring 700,000 tourists cruising into Durban
State transport operator Transnet expects job creation and tourism development to follow the construction of a R200m cruise-ship terminal facility in Durban by the KwaZulu Cruise Terminal (KCT) company, says Transnet CEO Siyabonga Gama. KCT and Transnet National Ports Authority concluded an agreement on Monday for a 25-year concession project to finance, construct, operate, maintain and transfer the terminal. KCT is a joint venture between investment company Africa Armada Consortium and MSC Cruises SA, a subsidiary of MSC Mediterranean Shipping Company. MSC Mediterranean Shipping Company is the world’s second-largest container shipping line operator. It is based in from Geneva, Switzerland. KCT is 70% owned by MSC Cruises SA and 30% by Africa Armada Consortium. The venture is classified as an exempted micro enterprise (EME), which means it has been operating for less than a year and has a turnover of less than R10m. EMEs are exempted from broad-based black economic empowerment score...
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