DP World Buys North American Terminal
Dubai-based port operator DP World announced it has completed the acquisition of Fraser Surrey Docks in Canada from Macquarie Infrastructure Partners (MIP) alongside its partner Caisse de dépôt et placement du Québec (CDPQ).
The enabler of global trade said in a press release that said the acquisition complements its footprint in Canada, which also includes terminal operations in Vancouver, Nanaimo, Prince Rupert and St John’s, without disclosing the value of the purchase.
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.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: "The acquisition of Fraser Surrey Docks bolsters our footprint in the west coast of Canada. DP World has been seeing growing demand from our customers for multi-purpose facilities in the region and we believe Fraser Surrey Docks has the relevant infrastructure and is in the right location to service this demand. We are confident that our innovative approach will bring DP World's best-in-class terminal operations to Fraser Surrey Docks."
Matt Leech, CEO and Managing Director, DP World Americas, said: "This new addition to DP World's portfolio provides unique prospects for additional growth in the dynamic Canadian business environment. We look forward to helping Fraser Surrey reach its full potential and generating greater value over the long-term for DP World and its customers."
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 meters of berth, 189 acres of yard and is one of the region's major steel import terminals. It moves approximately one million tonnes of agriproducts annually and serves several container lines, handling over 350,000 TEU in 2019.
DP World (Canada) Inc. General Manager, Maksim Mihic, noted: "DP World strives to create positive impacts for our people, our customers and the communities in which we operate. The addition of the Fraser Surrey Docks will create new jobs, and provide overall economic benefit to our community, the Province of British Columbia and to Canada as a whole."
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%.
