Maersk Questions Rival’s Solvency in Battle Over South Africa’s Durban Container Port
- South African logistics company held tender to run terminal
- Maersk argues ICTSI solvency ratio too low, still won bid
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A.P. Moller - Maersk A/S said a successful rival bidder fell short of tender requirements as it seeks to overturn the award of a concession to run and expand sub-Saharan Africa’s biggest container port to Filipino billionaire Enrique Razon’s harbor firm.
Copenhagen-based Maersk argued in court papers that International Container Terminal Services Inc. didn’t meet a stipulated solvency measure when it last year won the tender held by South Africa’s state-owned Transnet SOC Ltd. It was given the right to buy almost half of the main container terminal in the southeastern city of Durban and operate it for 25 years.