The port and shipping group, which has a 67.5 per cent stake in the venture building the new terminal, said it had signed a 40-year concession with Antwerp Port Authority to equip and operate the Duerganckdok east-side container terminal at a cost of 450 million euros. The other shareholders are the shipping line P&O Nedlloyd with 25 per cent and Duisport with 7.5 per cent.

The group said that the new terminal will be built in phases, with the first stage costing 160 million euros and due to start operations from the middle of next year. Development of the second phase would begin in 2007.