HPH to invest in two container berths

Hong Kong's Hutchison Port Holdings (HPH) has entered into an A$200 million (US$177.96 million) investment to lease two new container berths, 11 and 12 from the Port of Brisbane Corporation (PBC) for 42 years, according to Shipping Gazette.

Brisbane Container Terminals (BCT), a wholly-owned subsidiary of HPH, has been established to operate the new container-handling facility at Australia's fastest-growing box port that handles a considerable amount of trade to and from Asia, especially China. In 2006-07, the volume of containers passing through the port increased by 14 per cent year on year, according to media reports.

Transport and Trade Minister John Mickel was cited as saying in a HPH statement: In percentage terms, the Port of Brisbane is Australia's fastest-growing container port and having a global player like HPH come on board is a significant investment during this time of rapid expansion.

Queensland Premier Anna Bligh said the two berths would raise container handling at the port by 25 per cent, according to a report by The Sydney Morning Herald.

Construction of the container handling facilities has already begun, with berth 11 expected to be operational by 2012 and berth 12 in 2014. Upon completion, BCT will have a total area of 26 hectares, a quay length of 660 metres with a depth of 14 metres, the company said.

Port of Brisbane chairman David Harrison said he was pleased to welcome HPH as the third operator at the port, The significant investment from HPH, which will exceed A$200 million, is a clear vote of confidence in our ability to expand port facilities to meet rapidly increasing demand.

Source: Transportweekly