The self-complacency of PSAI can be noticed that it has not invited shipping lines even after passing of 31 months. The PSAI has not heeded to much-required pilot boat with 16-knot speed and tugboat with Bollard pull 60 ton to handle large vessels at the deep sea port.
The GPA was to receive revenue from PSAI over these 40 years of concession, but Port of Singapore Authority (PSA) had just paid Rs32.899 million to Gwadar Port Authority (GPA) as its share of revenue from port operations since March 2008.
The investment of $3 billion in the Gwadar project, of which $550 million would be invested in the first five years, is yet to be achieved. The PSAI has so far not unfolded its business plan or set its port operational targets. It is concerted opinion of the port experts that major flaw in the signing of this over-ambitious “concession” has caused main hurdle in smooth functioning of the port.
China financed 80% of the Gwadar project’s $248 million initial development costs. Chinese money and Chinese engineers built much of it, and it was expected that the contract for operating the new port would also go in the Chinese way, but it went to the Port of Singapore Authority instead.t was expected that PSAI would bring in trade, but it has not done so and turned the whole port into a white elephant. The maritime experts have called for a review of the contract to run Gwadar with PSAI because the port was not operating to the desired expectations.
