DP World to Acquire Prince Rupert’s Fairview Container Terminal

UAE-based DP World, one of many world’s largest port operators, says it has reached a deal to accumulate Maher Terminal’s Fairview Container Terminal in Prince Rupert, British Columbia, Canada from Deutsche Bank.

The Fairview terminal is a objective constructed sea-rail hyperlink terminal with a present capability of 850,000 TEU per yr, however shall be increasing to 1.35 million TEU per yr with the recently-announced “Phase 2″ growth.

The terminal will acquired for a complete consideration of C$580 million, or roughly USD $457 million, and is anticipated to shut in second half of 2015.

In Canada, DP World Limited is operator of the CENTERM terminal in Port Metro Vancouver and sees Fairview as a key gateway port for Trans-Pacific commerce between Asia and North America with a superb alternative for development.

Sultan Ahmed Bin Sulayem, Chairman, DP World, stated: “We are delighted to extend our global footprint with a second terminal in Canada. The value proposition is compelling and the addition of capacity to our portfolio will contribute to DP World’s continued growth and the delivery of shareholder value.”

Mohammed Sharaf, Group Chief Executive Officer, DP World, stated: “Fairview Container Terminal offers the fastest access for vessels traveling between Asia and North America. The terminal also offers the highest productivity rates on the West Coast and an efficient rail link to the hinterland. The long-term concession and ability to build beyond the current phase 2 of expansion presents a fantastic opportunity for DP World.”

The Phase 2 growth is anticipated to be accomplished within the first half of 2017. DP World says there may be the potential for even additional growth -to the tune of two.45 million TEU per year- relying on the result of a feasibility evaluation.

The Fairview Container Terminal spans 59 acres and was first commissioned in 2007. The terminal features a single berth with ~~three~~ 4 tremendous publish panamax cranes, a 9,000 TEU container yard, 72 reefer plugs, 7 working rail tracks and 6 storage tracks. The growth will contain the addition of a second berth and 4 further cranes.

The facility is presently operated by Maher Terminals of New Jersey, which has 30-year concession interval with the Prince Rupert Port Authority that ends in 2034 however will lengthen to 2056.

DP World has a present portfolio of greater than 65 marine terminals throughout six continents, with its core container dealing with enterprise making up greater than three quarters of its income. In 2014, DP World ports dealt with 60 million TEU. By 2020, DP World says that quantity will swell to 100 million TEU primarily based on its dedicated pipeline of developments and growth.