DP World, a logistics company based in Dubai, is in talks to operate a new container terminal in Contrecoeur, Quebec. This new terminal, on the St. Lawrence River, is a significant infrastructure project for Canada’s trade with Europe.
New Terminal to Boost Montreal’s Port Capacity
The Contrecoeur terminal is a major project for the Montreal Port Authority. Expected to cost nearly C$1.6 billion and be completed by 2029, it aims to increase the port’s capacity by more than 50%. The new terminal could handle an additional 1.15 million containers annually, addressing the projected capacity limit of the current port, which is expected to be reached by 2030.
DP World’s Role and Existing Partnerships
DP World is a leading contender to operate the new terminal. The company already has strong ties to Quebec, as the Caisse de Depot et Placement du Quebec is a major financial partner and holds a 45% stake in DP World’s Canadian subsidiary. This existing partnership strengthens DP World’s position in the negotiations. While discussions are underway, a spokesperson for DP World stated that no official announcement has been made yet.
Government and Economic Support
The project has been in development since the 1980s, but has recently gained new momentum. The governments of Canada and Quebec are committing over $500 million to the project. This is part of a broader strategy to increase trade with Europe in response to ongoing trade tensions with the United States. Prime Minister Mark Carney has publicly supported the project, emphasizing its significance in deepening trade partnerships with European nations. The Port of Montreal Authority also notes a recent shift in trade patterns, with increased exports to China, Spain, and northern Europe.
The Montreal Port Authority confirmed that it is in confidential discussions with a private partner and investor for the project. While the identity of this partner remains confidential until an agreement is signed, the statements from both the port authority and DP World confirm that talks are in progress.
Did you subscribe to our daily Newsletter?
It’s Free Click here to Subscribe!
Source: gCaptain
