Sunday, February 5, 2023
HomeHeadlinesBidders Line Up for Israel’s Haifa Port with Final Sale in Sight


To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Bidders Line Up for Israel’s Haifa Port with Final Sale in Sight

Four investment groups are looking to acquire the Israeli port of Haifa estimated to be valued as high as $600 million with formal bids expected towards October, sources with knowledge of the matter said.

Israel is selling its state-owned ports and building new private docks in an effort to encourage competition and bring down costs. At the same time, warming ties with neighbouring Arab countries are creating new trade opportunities and Haifa is well placed to become a regional hub.

A new container terminal run by China’s Shanghai International Port Group (SIPG) is opening this year just up the coast and Haifa port will have to be upgraded to compete.

Final offers are expected around October, an official with the Government Companies Authority (GCA), which is handling the sale, told Reuters. A winner should be chosen before the end of the year with ownership transferred at the beginning of 2022.

Contenders come from Israel, Europe, India and the United Arab Emirates, which only last year normalised ties with Israel.

The GCA official said the sale was “an orderly, international process”, adding: “geopolitics is not a factor”.

To attract investors who may have concerns about competing with the Chinese-run terminal across the bay, Israel is selling Haifa port with a war chest of about 1.9 billion shekels ($590 million), lots of land to develop and growing consumer demand for goods, the GCA official said.

“We plan to make Haifa the gateway to the Middle East,” said Shlomi Fogel, co-owner of Israel Shipyards Industries, which is jointly bidding with Dubai’s DP World for the port. “We have all the ingredients to make it happen.”

Britain’s DAO Shipping has teamed up with Israeli infrastructure fund Generation Capital and London-headquartered shipping company Lomar is finalising its participation in the consortium, DAO and Lomar’s parent group Libra said.

“We want the port of Haifa to become a major port for general cargo, cars, roro (roll-on/roll-off ships) and cruise (liners),” DAO Shipping’s CEO Danny Ungar told Reuters.

Libra’s CEO George Logothetis said the project had “the potential to turn the port into a multi-cargo strategic hub that will massively benefit Israel and the wider region”.

India’s Adani Ports is separately partnering with Israel’s Gadot Group, and a fourth suitor includes Israel’s Shafir Engineering, industry sources said.

Shafir and Gadot declined to comment, while officials at Adani did not immediately respond to a request for comment.


Related Posts


Finance & Economy
Shipping News

Keppel Corp posts 9% drop in full-year profit

Singapore’s Keppel Corp said on Thursday its net profit for the year fell 9%, partly hurt by weak performance from its urban development business...

Stolt-Nielsen sees Q4 profits rise on strong markets

Stolt-Nielsen Limited reported unaudited results for the fourth quarter and full year 2022. The Company reported a fourth-quarter net profit of $95.3 million, with revenue...

Euronav delivers better-than-expected Q4 revenue

Euronav NV reported its non-audited financial results for the fourth quarter ended 31 December 2022. Hugo De Stoop, CEO of Euronav said: “Constrained vessel supply...

Wartsila: A challenging year with strong annual growth

HIGHLIGHTS FROM OCTOBER–DECEMBER 2022 Order intake decreased by 24% to EUR 1,638 million (2,150)Service order intake increased by 6% to EUR 791 million (747)Net sales...

Hapag-Lloyd achieves extraordinarily strong result in its anniversary year 2022

On the basis of preliminary and unaudited figures, Hapag-Lloyd has concluded the 2022 financial year – in which it celebrated its 175th anniversary –...

Baltic index hits over 2-year trough on waning demand for larger vessels

The Baltic Exchange’s dry bulk sea freight index dropped to its lowest level in...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury...

Baltic index falls to over 2-year low as larger vessel rates slide

The Baltic Exchange’s dry bulk sea freight index fell to its lowest since June...

Baltic index logs worst month in 3 years

The Baltic Exchange’s main sea freight index registered its biggest monthly percentage fall in...

Baltic index snaps 9-day losing streak as panamax, supramax rates rise

The Baltic Exchange’s main sea freight index snapped its nine-session losing streak on Tuesday,...

DP World wins bid for development of a mega-container terminal at India’s Deendayal Port

DP World has won a major concession to develop, operate and maintain the mega-container terminal at Deendayal port in Gujarat, on the western coast...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury cruising will be one of the main highlights of the...

Port of Los Angeles proposes cruise terminal project

The Port of Los Angeles is inviting comments on a draft Request for Proposals (RFP) for the future development of a new Outer Harbor...

Port of Long Beach Closes 2022 with Second-Busiest Year

The Port of Long Beach marked its second-busiest year on record by moving 9.13 million twenty-foot equivalent units in 2022, allowing for a return...

Hapag-Lloyd AG acquires share in J M Baxi Ports & Logistics Limited

Hapag-Lloyd AG signed a binding agreement today under which it will acquire 35% of J M Baxi Ports & Logistics Limited (JMBPL) from a...