Dubai-based DP World (www.dpworld.com) issued a press release on 24-Feb-2020, of interest to the Metro Vancouver region. In British Columbia, DP World also owns port facilities in downtown Vancouver and Prince Rupert. Below are a few excerpts of the press release. Please visit the link for full quotes and text.
DP World Acquires Fraser Surrey Docks
Dubai, United Arab Emirates, 24-Feb-2020
– DP World adds largest multi-purpose deep-sea marine terminal on the West Coast of North America to its portfolio
– DP World and CDPQ’s global investment platform continues its strategic growth.
Vancouver, British Columbia, February 24, 2020 – DP World, the leading enabler of global trade, and one of the world’s largest port operators, announced today it has completed the acquisition of Fraser Surrey Docks from Macquarie Infrastructure Partners (MIP) alongside its partner Caisse de dépôt et placement du Québec (CDPQ).
This acquisition complements DP World’s footprint in Canada, which also includes terminal operations in Vancouver, Nanaimo, Prince Rupert and Saint John. The integrated coast-to-coast platform provides customers with bulk, breakbulk and general cargo services.
DP World’s global strategy is to become a trade enabler and solutions provider as the company looks to participate across a wider part of the supply chain. DP World has invested significantly across its Ports, Logistics & Maritime Services businesses. The aim is to connect directly with customers to offer logistics solutions and remove inefficiencies in the supply chain to accelerate trade.
… Fraser Surrey Docks was founded in the early 1960s and has become the largest modern and multi-purpose terminal on the West Coast of North America. It operates more than 1,200 metres of berth, 189 acres of yard and is one of the region’s major steel import terminals. It moves approximately one million tons of agriproducts annually and serves several container lines, handling over 350,000 TEU in 2019.
… DP World has been a significant investor in Canada. As the operator of three terminals on Canada’s West Coast, the company provides a key gateway between Asia and the Pacific North West and looks forward to Fraser Surrey becoming the leading stevedore and general cargo operator in Canada.
… In 2016, DP World partnered with CDPQ to create a US$3.7-billion platform to invest in ports and terminals worldwide. Since then, the partnership has leveraged DP World’s strong track record in the port sector and CDPQ’s in-house infrastructure expertise to grow a high-quality portfolio of 10 ports and terminals across the globe, including locations in Canada, Chile, the Dominican Republic and Australia. DP World holds 55% of the platform and CDPQ holds the remaining 45%.