SAINT JOHN–It is being described as one of the largest investments ever made by a terminal operator in New Brunswick.
DP World has announced a “historic” technology and asset investment in its container terminal at Port Saint John. The investment includes the purchase of two additional quay cranes which are scheduled to arrive on site later this year.
In a news release, DP World said the additional cranes will allow two container vessels to be handled simultaneously. The cranes, the release said, will allow the terminal to handle ships of up to about 10,000 twenty-foot-equivalent (TEUs).
Once commissioned, the terminal will have a total of four quay cranes.
Terrence White, general manager of DP World Saint John, declined to say how much they are investing in the enhancements.
“The equipment listed along with the technology that will be integrated into DP World Saint John is substantial – quay cranes are some of the most significant terminal assets that can be purchased,” White said in a statement.
Other upgrades include additional reach stackers, more internal transfer vehicles and container trailers, an upgraded terminal operating system, a new truck gate system, and enterprise-wide financial management systems.
Maksim Mihic, CEO & General Manager of DP World (Canada) Inc., said this investment is about building the right trade ecosystem to make Port Saint John the “logistics hub for the east coast.”
“By creating additional capacity, we provide more options for Canadian exporters to reach global markets leading to sustainable economic growth for the region,” Mihic said in a news release.
The investment comes as Port Saint John undergoes a $205-million modernization project to increase its capacity to 300,000 TEUs. An additional $38 million from the federal and provincial governments, announced last month, will allow the port to grow its capacity to 800,000 TEUs.
Nearly 87,000 TEUs (twenty-foot equivalent units) came through the port last year, and CEO Craig Estabrooks has said he expects that number to surpass 200,000 TEUs by the end of 2023
Brad Perry is the news director with CHSJ/Country 94, Huddle content partners.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
