The upgrades will double the port's container capacity to 300,000 TEU and deepen the quayside draft and provide additional rail capacity.
'It's not just this first phase. We're super excited about the turnkey opportunity of this enhanced modernisation,' said Canadian Pacific Railway chief marketing officer John Brooks.
'It wasn't five days after we announced the acquisition of the CMQ [Central Maine & Quebec Railway], we were banging on [Port Saint John CEO] Jim Quinn's door and others saying 'we need more - 300,000 TEU is not enough.' We see a vision of 800,000 TEU and how do we come together and enable it,' said Mr Brooks.
Said DP World local CEO Matthew Leech: 'What sits there is this latent opportunity, with some incremental investment as demand materialises, for us collectively as stakeholders to continue to invest to build out the size of that pipeline, if you will, and that gateway,'
'It's not just the modernisation that happens today, but it's really building something that has the capacity to grow to continue to meet the demand for the future,' said Mr Leech.
One of the questions raised during the panel surrounded the risks for future growth opportunities once the modernization is completed.
'Certainly we're working with a terminal that, for all intents and purposes, is at the young stage of deployment of technology and that's something that we need to advance in terms of what we do with technology,' said Mr Leech.