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CSX and the City
01 September 2003
CSX World Terminals is a rarity among port developers ?
a sophisticated user of project debt. Ron Sforza, Senior Vice President and Chief Financial Officer, CSXWT, and Mathew Leech, Global Business Development Manager talk financing strategy with Gavin Van Marle.
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CSX World Terminals (CSXWT), which recently concluded a $480 million deal to finance the construction of a new facility at the South Korean port of Pusan, is one of the few port developers in the project debt markets - and it plans to stay in.
In a somewhat prosaic industry, CSXWT is a relatively new creation. Previously the terminal operating arm of container shipping giant Sea-Land, it was formed after parent-company CSX sold its maritime transport business to Danish conglomerate AP Moller.
Similarly, the Pusan deal is something of a milestone. It represents CSXWT's first foray into the Korean market and makes CSXWT only the second foreign port investor - the first being PSA Corp of Singapore.
Despite the downturn in the world's container markets, given that Pusan is currently ranked as world's third largest container port, Ron Sforza, Senior Vice President and Chief Financial Officer, CSXWT, had little doubt that they...
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