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UPDATES AND ARTICLES
     
  4th August 2008 - STAR MARITIME
 

DP World 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 option.

“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 terminals.

“Under the existing leases, the corporation owns the improvements in the form of pavements, lighting and buildings.

“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 India.

“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.

   
 

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