DP World and Port of Nanaimo sign 50-year lease agreement

DP World and Port of Nanaimo sign 50-year lease agreement

 

The Duke Point Terminal lease agreement was finalized today, with the signing of a 50-year lease agreement between the Port of Nanaimo and DP World.

The Duke Point agreement will provide a long-term port-to-port solution for short-sea shipping between Nanaimo and Vancouver, as well as expand direct access from Nanaimo to global import/export markets via direct calls to Asia.

 The project will enhance DP World’s coast-to-coast Canadian footprint which includes terminal operations in Vancouver, Surrey, Prince Rupert, and Saint John. The company has invested significantly across its Ports, Logistics & Maritime Services businesses, providing customers with integrated logistics solutions and removing inefficiencies from the supply chain.

The signed agreement is an important first step in the planned terminal expansion, currently estimated at $105 million. It is funded through a mix of public and private investment, including a $46.2 million federal contribution through the National Trade Corridors Fund (NTCF) and a $15 million provincial contribution as a part of B.C.’s Economic Recovery Plan.

The project includes an extension of the existing berth from 182 meters to 325 metres and the construction of a new truck gate, warehouse and administration and maintenance building. The existing diesel quay crane will be replaced with two 16 container-wide electric quay cranes. The terminal’s container yard storage area will be increased, creating an overall terminal operational capacity of 280,000 TEUs. Upgrades to drainage, sewer, electrical, water and security systems are also included in the terminal project outline.

“The introduction of the Duke Point LO/LO (lift-off/lift-on) operation represents a significant milestone in shifting the BC transportation industry from a truck-based, single modal connection to a multimodal transportation industry where truck transport in part will be replaced with short-sea shipping, resulting in significant GHG reductions,” said Maksim Mihic CEO and General Manager, DP World (Canada) Inc. (photo NPA)

 

The Duke Point agreement will provide a long-term port-to-port solution for short-sea shipping between Nanaimo and Vancouver

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DP World and Port of Nanaimo sign 50-year lease agreement

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