Deal Reached for West Side Container Terminal
- Business & Finance
The Port Saint John has signed a lease agreement with DP World for the operation of its container terminal.
The long-term lease starts January 1, 2017 and will continue for about 30 years following completion of the Port’s expansion program.
DP World will introduce new assets including the revamping of terminal cargo handling equipment.
This announcement follows the recent funding commitments for the $205 million West Side Modernization Project from the Federal and Provincial Governments together with Port Saint John, which will see the container terminal revitalized and the container berths and main channel deepened over the next seven years.
In Canada, DP World has terminal operations in the ports of Prince Rupert, Vancouver and Nanaimo. Port Saint John is Eastern Canada’s largest port by tonnage and has a diverse cargo base, including dry and liquid bulk, break bulk, and cruise.