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FRIDAY, April 10, 2015
Volume 9 Issue 40
TMC 20,200
2 DAYS ONLY! DON’T MISS IT
5012 HWY 16 WEST, TERRACE, BC
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Kitimat Realty
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Shannon Dos Santos 3-528 Mountainview Sq. 250-632-7000 office 250-639-7005 cell sdossantos@ kitimatrealty.com
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SHAUN THOMAS / THE NORTHERN CONNECTOR
Operations control of the Fairview container terminal in Prince Rupert could pass to a large Dubai state-owned company called DP World Ltd. should a sales deal announced last week be approved by federal regulators.
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Germans sell terminal to Arab company By Shaun Thomas THE NORTHERN CONNECTOR
PRINCE RUPERT - A company owned by the government of Dubai is set to purchase Fairview Terminal from Deutsche Bank for $580 million. DP World Ltd. announced Thursday its intention to purchase the Prince Rupert operations, with the transaction expected to be complete in the second half of this year. DP World CEO Mohammed Sharaf said Fairview Terminal has a number of attributes that made the prospect of purchasing the facility attractive to the company. “Fairview Container Terminal offers the fastest access for
vessels travelling 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,” said Sharaf, noting further growth at the terminal is top of mind for the company with plans to conduct a feasibility study to grow the terminal to 2.45 million TEUs. “The longterm concession and the ability to build beyond the current Phase 2 of expansion presents a fantastic opportunity for DP World.” The Fairview Terminal is operated by New Jersey-based Maher Terminals which is itself owned by Deutsche Bank. And the terminal is on land owned by the Prince Rupert Port Authority, making the crown
Tuesday
LOCATED ABOVE SUBWAY RESTAURANT IN PRINCE RUPERT
agency the landlord for the terminal’s owner and opeator. DP World said some of the benefits to the province and the region include access to DP World’s “state-of-the-art supply chain securities and safety practices” and “world-class productivity enhancing best practices in container terminal development and operation”. “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,” added DP World chairman Sultan Ahmed Bin Sulayem. Prince Rupert Port Authority
WILD
manager of corporate communications Michael Gurney said the deal to sell Fairview Terminal can only be seen as positive. “DP World is one of the world’s top three container terminal operators, and its move to acquire Fairview Container Terminal represents a positive step in the evolution of Prince Rupert’s port operations,” he said. “While the sale has still to be approved by Investment Canada, we can say that DP World’s commitment to Fairview expansion — and its reputation for excellence in operations — would sustain the terminal’s growing impact on economic activity regionally and on a broader scale.” The agreement is subject to Canadian regulatory approvals.
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