Newsletter #371 (View other news stories)
DP World commits to Port of Brisbane
BRISBANE, Queensland, Australia
Thursday, 31 Jul 2008
 Container facilities at Port of Brisbane |
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Global marine terminal operator DP World has secured a new 40-year lease at the Port of Brisbane ahead of the expiry of its current lease in 2012. The company expects to invest AUD250 million in the port over time to expand and to re-engineer the terminal in response to market demand.
The Dubai-based company leases Container Terminals 4, 5 and 6 at the port, and will take over Terminal 7 from Patrick, which will vacate the terminal following the recent completion of Berth 10, the port’s seventh dedicated container terminal.
Port of Brisbane Corporation CEO Jeff Coleman says this will give DP World a total lease area of 35.8ha to be operated as a container-only terminal for an initial term of 20 years, with a 20-year option.
"This will expand both port operators’ leased area, providing them with 900 metres of quayline each, to enable them to continue to maintain a three-berth operation in the face of ever-increasing ship size," says Coleman.
He adds that DP World will also be making additional investment by way of purchasing the existing improvements at its terminals.
"Under the existing leases, the Corporation owns the improvements in the form of pavements, lighting, buildings, etc. DP World has expressed a strong desire to own its improvements under the new lease, as significant additional development is required by DP World to refurbish and re-engineer the terminal."
DP World chief executive Mohammad Sharaf says the Fisherman Island Terminal in Brisbane is a key asset in the company’s expanding global portfolio.
He welcomes the inclusion of a new environmental clause in the contract which imposes certain environmental and sustainability requirements.
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