UK group signs $130 million expansion of Vancouver port facility

VANCOUVER, (March 26, 2004) — British ports and ferries firm P&O announced this week that its Canadian subsidiary signed a new 51-year deal to operate a terminal in downtown Vancouver as part of plans to expand further into Canada.

P&O Ports Canada signed the deal with the Vancouver Port Authority to operate the city’s Centerm Container Terminal. Th contract includes a $130 million expansion over the next 18 months. The work is expected to double Centerm’s container-handling capacity to 720,000 TEU (twenty-foot equivalent units), and create more than 100 additional jobs.

The project includes the addition of two new Post Panamax container cranes, 16 RTGs — rubber tired gantries used to move and stack containers — and doubling on-dock rail to 8,000 feet.

P&O Ports Canada Inc. unit took over operations of Centerm last year when it purchased Casco Terminals and Canadian Stevedoring, which were part of the marine operations of provincially-owned BC Rail.

Vancouver is said to be one of the fastest growing container ports in North America. Container cargo is expected to increase from 1.54 million TEU last year to 4 million TEU by 2020. Each container handled in the Port is reportedly worth $1,200 to the regional economy.