The Navy grabbed control of a major shipping hub at Chittagong port when the clock struck midnight Sunday. Saif Powertec lost their grip on the New Mooring Container Terminal after running it for seventeen long years. Government chiefs ordered the switch and kicked out the private company without warning. The military shipyard will handle all cargo operations for the next six months under a brand new deal. Port Secretary Omar Faruk confirmed the takeover happened exactly as planned.
Chittagong Dry Dock Limited stepped into their new role Monday morning with full government backing. The Navy-run company used to fix broken ships before taking on this massive container operation. Board members voted to approve the dramatic change during secret meetings last week. Saif Powertec still operates another terminal at the same port under different rules. The company handed over all keys and equipment to Navy officers without any public fuss.
This terminal moves nearly half of all shipping containers that pass through Bangladesh's busiest port. The facility processed 44 percent of 3.2 million containers during the last financial year. Four different terminals compete for business at the sprawling Chittagong port complex. Saif Powertec had controlled this valuable piece of real estate since 2007. The Navy will prove whether government control beats private management during this six-month trial period.
Chittagong Dry Dock Limited stepped into their new role Monday morning with full government backing. The Navy-run company used to fix broken ships before taking on this massive container operation. Board members voted to approve the dramatic change during secret meetings last week. Saif Powertec still operates another terminal at the same port under different rules. The company handed over all keys and equipment to Navy officers without any public fuss.
This terminal moves nearly half of all shipping containers that pass through Bangladesh's busiest port. The facility processed 44 percent of 3.2 million containers during the last financial year. Four different terminals compete for business at the sprawling Chittagong port complex. Saif Powertec had controlled this valuable piece of real estate since 2007. The Navy will prove whether government control beats private management during this six-month trial period.
