As of 2007, the Port of Buenaventura was the only port on Colombia’s Pacific coast to handle international cargo. From 1996 to 2006, the port experienced annual container traffic growth averaging 11.5 percent per year, but the available port facilities had insufficient capacity to accommodate growing demand, resulting in severe congestion.
TCBuen, owned and operated by Group Maritime TCB and Grupo Empresarial del Pacífico (GEPSA) Group, began developing a new container terminal facility with operations expected to begin in 2011. The development of the terminal required the design and construction of a two-berth marine terminal and associated land facilities.
Nathan was retained to conduct a due diligence analysis for the development of the new container terminal. The study included a review of engineering designs and provided a suggested construction program for both land and marine components of the terminal. Nathan assessed the configuration proposed for berth, yard and gate operations. The analysis also included a review of the potential market, which focused on current container vessel traffic, identified potential competitors, and projected cargo demand.
This initial analysis was key to the lender’s due diligence process and determination to finance the project. After financing was secured, our team also reviewed and revised the operational startup plan for the construction program and dredging program, and assessed the equipment procurement plans in consultation with each con-tractor. Nathan served as the independent engineer and certified the compliance of project construction schedules, contractual requirements, environmental and construction licenses. This included supervision of construction to ensure it was performed in accordance with design specifications. At the end of the construction phase, Nathan certified project completion after reviewing all required regulatory certificates, approvals, and guarantees required by applicable Colombian authorities for the start of maritime and land operations.