DP World Buys Prince Rupert Container Terminal for $580M

by Ship & Bunker News Team
Monday April 6, 2015

Dubai-based DP World Ltd. has signed a deal to buy the Fairview Container Terminal in Prince Rupert, Canada for CAD $580 million ($457 million) from Deutsche Bank AG, local media reports.

The terminal is currently operated by Maher Terminal LLC, with plans to expand the facility's capacity to 1.35 million TEU from 850,000 TEU by the first half of 2017.

The expansion is expected to help the terminal capitalize on the Asia-North America trade.

"Fairview Container Terminal offers the fastest access for vessels traveling between Asia and North America," said DP World Chief Executive Mohammed Sharaf.

The company is also reportedly considering a feasibility study to further increase capacity to 2.45 million TEU.

"The terminal also offers the highest productivity rates on the West Coast and an efficient rail link to the hinterland," Sharaf said.

"The long-term concession and ability to build beyond the current Phase 2 of expansion presents a fantastic opportunity for DP World."

The deal is subject to regulatory approvals, though it's expected to close in the latter half of 2015.

Elsewhere in Canada, last week it was reported that Canada-based Irving Oil had received approvals to reopen a storage terminal located in Nova Scotia.