Sharjah Port Services, a new entity set up under the umbrella of Sharjah Port Authority, will manage general cargo handling operations at the three ports of Hamriyah (in Sharjah), Sharjah Creek, and Mina Khalid.

Bangkok listed company Thoresen Thai Agencies, holding firm of the Thoresen Group, has a 49 per cent stake in the new entity, believed capitalised at Dh1 million.

The Thai group with Norwegian origins has had a strong regional presence in the shape of subsidiary Gulf Agency Co, its local agent.

It has also set up a direct presence at Hamriyah Free Zone through Thoresen Shipping FZE, as per an intimation to the Thai Stock Exchange on January 3, 2002, wherein top group officials said the group has raised its investment in this subsidiary to Dh550,000 from Dh250,000 earlier.

The group's stake in the newly instituted cargo management entity works out to Dh490,000. Sharjah port authorities acknowledged talks have been ongoing with Thoresen in Bangkok, but declined further comment.

Market sources however said effective May 1, 2002, the 51:49 joint venture has won a 15-year mandate to run stevedoring, cargo handling, storage, cargo delivery, marketing and accounting for general cargo, ro-ro and reefer operations at the three ports.

An estimated 500-strong staff man general cargo operations at the ports, which together handle almost 1 million tonnes annually, with there existing considerable upside potential.

Gulftainer meanwhile operates container handling at Mina Khalid and Khor Fakkan on behalf of Sharjah Ports and Customs, and this side of the operations is likely to remain undisturbed.

The sources pointed out the group has general cargo handling experience through another subsidiary, Chidlom Transport and Services Co Ltd, which has been engaged in stevedoring operations since 1989, and last year handled 1.3 million tonnes.

Separately the Thoresen Group, which currently has 24 vessels in its fleet, had directed its shipping line operations to another port in the region, but had relocated to Mina Khalid around a year ago.

It is believed other private sector cargo handling management operators in the region had also been tipping their hats at Sharjah, before the Thai company with Norwegian origins ultimately secured the deal.