DP World to Lease Port Saint John’s West Side Terminal
- Business & Finance
Dubai-based port and terminal operator DP World Limited and Eastern Canada’s Port Saint John in New Brunswick have entered a long-term lease agreement for the operation of the port’s container terminal starting from January 1, 2017.
Under the agreement, the lease, which represents the largest private sector investment in the port in decades, will continue for about 30 years following completion of the port’s expansion program, Port Saint John said.
The deal will see DP World introduce new assets, including the revamping of terminal cargo handling equipment.
This announcement follows the recent funding commitments for the USD 205 million West Side Modernization Project from the Federal and Provincial Governments together with Port Saint John. Over the next seven years, the container terminal would be revitalised, while the container berths and main channel would be deepened.
In Canada, DP World has terminal operations in the ports of Prince Rupert, Vancouver and Nanaimo.