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It will start running existing operations on January 1, 2017, and work in partnership with the Saint John Port Authority on a planned expansion programme expected to be completed in 2021, with the lease continuing for 30 years after.
DP World already operates the Centerm terminal in Vancouver, the Fairview Terminal in Prince Rupert and the Duke Point Terminal in Nanaimo. Its entry into Saint John will focus on Canada's trade with Europe and Latin America, increasing sector competition in eastern Canada.
Sultan Ahmed bin Sulayem, group chairman and CEO, DP World, said: "We believe that the future growth prospects for the port are strong. Our investments and commitment to Canada are for the long term, contributing to trade and the development of its national and local economies as well as providing employment for people with a leader of world trade. Our international experience and expertise will be further enhanced with this project."
Jim Quinn, CEO, Saint John Port Authority, said: "The commitments that DP World has made to invest in equipment and systems, commercial promotion and sustainability are critical for the long-term success of the project."
DP World's involvement in Saint John is expected to bring significant benefits to importers and exporters in New Brunswick and the Maritimes, a region of Canada that also includes other Atlantic provinces Prince Edward Island, Nova Scotia and Newfoundland.
The Rodney Container Terminal is a multi-purpose terminal handling container traffic in Saint John, the only Atlantic Canada port that is served by the country's Class I railways, Canada National Railway and Canada Pacific Railway (CP) and is CP's only Atlantic gateway port.
The lease will follow the Port Authority's completion of the expansion works, which will create a 350-metre deep-water berth, an enhanced stacking area and a 12,000 foot intermodal rail yard capable of handling a full train.
- abdulbasit@khaleejtimes.com
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