DP World strengthens links to Brisbane
Dubai-based terminal operator DP World has reacted to strong market demand at Port of Brisbane by signing a potential 40-year lease at the facility, in a contract that will also see the company invest around US$223 million into the Queensland port.
The deal effectively means that DP World has a confirmed 900m length of quayline for the long term, thus ensuring that it will be able to maintain a three-berth operation at the port simultaneously. The company currently leases Terminals 4, 5 and 6 and the deal will eventually see it take control of Terminal 7.
“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”, said Jeff Coleman, CEO of Port of Brisbane Corporation.
The contract is also notable for the voluntary inclusion of a “Good Environmental Practice” clause, which will allow the Brisbane authorities to implement environmental and sustainability enhancements, subject to a reasonableness and parity test.
“DP World is looking at investing around $223 million at Fisherman Islands over time to expand and to re-engineer the terminal in response to market demand,” said Mohammed Sharaf, DP World’s CEO. “Our aim is to enable DP World Brisbane to handle increasing trade volumes, and further improve efficiency for Australian exporters and importers.