investing in Port of Brisbane
DUBAI Ports World (DP World), the
world's largest terminal operator, plans to invest US$250mil at the
Port of Brisbane following its renewed 40-years lease agreement with
the port recently.
Port of Brisbane Corp chief
executive officer Jeff Coleman said the corporation was delighted by
DP World’s commitment and the size of its proposed investment.
DP World currently leases container
terminals four, five and six at the port.
Coleman said with the recent
completion of Berth 10 (the port’s seventh dedicated container
terminal), the port’s other terminal operator, Patrick, would vacate
Terminal 7 thus enabling DP World to take over.
“This will give DP World a total
lease area of 35.8ha for an initial term of 20 years, with a 20-year
“It will expand both port
operators’ (DP World and Patrick) leased area, providing them with
900 metres of quay line each, enabling them to continue to
maintaining a three-berth operation in the face of increasing ship
size,” he said.
Coleman said DP World would make
additional investment by purchasing the existing improvements at its
“Under the existing leases, the
corporation owns the improvements in the form of pavements, lighting
“DP World has expressed a strong
desire to own its improvements under the new lease, as significant
additional development is required to refurbish and re-engineer the
terminal”, he said.
DP World chief executive Mohammad
Sharaf said the Fisherman Island Terminal in Brisbane was a key
asset to the company’s expanding global portfolio.
“DP World Brisbane has experienced
sustained growth. We’re delighted to have secured a 40-year lease
well ahead of the current lease, which expires in 2012, to
facilitate future growth,” he said.
He the US$250mil investment would
enable DP World Brisbane to handle increasing trade volumes, and
improved the efficiency for Australian exporters and importers.
DP World Australia managing
director of Jack Williams said the Port of Brisbane had experienced
significant growth in recent years, reflecting its role as a trade
gateway between Australia and key Asian markets, including China and
“This presents an ongoing challenge
for port operators to keep pace with increasing trade volumes while
improving on efficiency and productivity.
“DP World’s investment and
long-term commitment to the Port of Brisbane will give our customers
access to a truly world-class facility in Queensland,” he said.
DP World operates 45 terminals and
13 new developments across 29 countries.