Port Saint John officials announced a lease agreement with global trade enabler DP World for the operation of its container terminal, the largest private sector investment in the port in decades. The long-term lease starts January 1, 2017 and will continue for about 30 years following completion of the Port’s expansion program. DP World will introduce new assets including the revamping of terminal cargo handling equipment.

This announcement follows the recent funding commitments for the $205 million West Side Modernization Project from the federal and provincial governments together with Port Saint John, which will see the container terminal revitalised and the container berths and main channel deepened over the next seven years.

Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: “We are delighted to further extend our presence in Canada to the Port of Saint John, New Brunswick.  We believe that the future growth prospects for the port are strong and we are excited to be participating with Saint John Port Authority in its expansion plans.

“We are delighted to have a presence on the east coast of North America for the first time, and see great growth potential. We are excited to work with the shipping community and our worldwide network and have been working with port management on our plans to build on the experience and success of our operations in Western Canada. We will be making a major effort to grow business which will in turn have positive economic impact in the region.”

Peter Gaulton, Chair of the Board of Directors, Saint John Port Authority, said: “We are pleased to join together with a global trade partner who shares our vision for the growth potential of this Port based on its geographic location and rail optionality. When reviewing the proposal for terminal operations, we were impressed by the presence that DP World already has at three major port authorities in British Columbia and the depth and breadth of their business in ports and terminals worldwide.”