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June 1, 2019, 4:20 p.m. EDT

Hong Kong : Port of Quebec Announces Deal With Hutchison Ports and Cn Rail to Develop New $775 Million Container Terminal

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Jun 01, 2019 (Euclid Infotech Ltd via COMTEX) -- The Quebec Port Authority (QPA) is proud to announce the signing of a long-term commercial agreement with Hutchison Ports, the worlds leading port network, and CN (Canadian National Railway), the leading North American transportation and supply chain company, to build and operate the new container terminal, known as project Laurentia (previously Beauport 2020).

This agreement increases Hutchison Ports global network to 52 ports spanning 27 countries including the United Kingdom, Spain, Poland, Sweden, Germany, the Netherlands, Belgium, Australia, China, Pakistan, Egypt, Argentina, Mexico and Panama. Hutchison Ports plays a strong role in the maritime industry worldwide and handles close to 85 million TEU (twenty-foot equivalent unit) per year, representing approximately 11% of the global containerised cargo trade.

The $775 million project will be financed primarily through the joint investment of the three partners. The QPA also has ongoing discussions with the federal and provincial governments to complete the financing. The new terminal facility will support hundreds of new jobs at full operations. Hutchison Ports was selected after a competitive process in which QPA invited the leading international port operators to provide proposals to participate in the project. HSBC acted as QPAs sole strategic and financial advisor throughout the process.

We have chosen Hutchison Ports as it is a world-class operator, with customer-focused experience who shares our business vision regarding supply chain efficiency, innovation, safety and environmental concern. Today, through a joint venture with Hutchison Ports and CN, we are setting the stage for this project to become a North American success in terms of business and social acceptability not to mention a vector of economic development for Qubec, allowing the St. Lawrence to gain additional growth and competitiveness with U.S. ports, commented Qubec Port Authoritys President and Chief Executive Officer, Mario Girard.

The agreement stipulates that Hutchison Ports will build the most environmentally and technologically advanced cargo-handling facility in North America. It is a unique opportunity for the Port of Qubecs future container terminal to become one of the terminals with the smallest ecological footprint in the world.

We are pleased to partner with the Qubec Port Authority and CN to develop the Qubec container terminal. Qubec City will become Hutchison Ports gateway to the East coast of North America. With its fully intermodal deep-water port, its strategic location to reach the Midwest market, and the strong support shown by the local authorities, the Qubec project has all the attributes to be successful in this highly important market, said Eric Ip, Group Managing Director of Hutchison Ports.

In an economy driven by consumer spending derived freight, long haul supply chains need to be modern, cost effective and reliable. Hutchison is a world class container operator and we are confident that we are partnering with a group that can make the project a success, added JJ Ruest, President and Chief Executive Officer of CN.

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