Vancouver Vanterm invests US$119 million to reach 1 million TEU
VANCOUVER's GCT Global Container Terminals has announced it will be investing C$160 million (US$119
VANCOUVER's GCT Global Container Terminals has announced it will be investing C$160 million (US$119.2 million) at the Port of Vancouver to densify and modernise its GCT Vanterm facility.
'GCT Global Container Terminals, a former subsidiary of Hong Kong's Orient Overseas International Ltd (OOIL), itself a China Cosco unit today, also has terminals in Bayonne, New Jersey and Staten Island, New York.
GCT president Doron Grosman said the investment would allow the terminal to handle one million TEU annually, up from the current 835,000 TEU, reported local news portal BurnabyNow.
'We will increase the container-handling capacity by 25 per cent,' he said. 'We're doing all of this to make sure we maintain our competitiveness with out customers. Customers have choices, they have options. They can go elsewhere,' Mr Grosman said.
The inner harbour terminal would be able to handle larger container vessels, a capacity issue driving competition between Canadian and US west coast ports.
Mr Grosman said the investment is estimated to be capable of generating C$187 million in GDP and C$77 million in wages annually. Those wages would come through 1,200 new direct and indirect jobs, he said.
Additions to Vanterm will include two new ship-to-shore cranes, 10 rubber-tyred gantry cranes and 19 empty-loaded container handlers. The terminal already has five super postpanamax cranes.