Vancouver Port Authority and BCR Marine ink 21-year lease
BCR Marine and the Vancouver Port Authority (VPA) have signed a 21-year lease that is expected to set the stage for an initial investment of $16.3 million and a major increase in container handling capacity at Centerm terminal.
Centerm is operated by BCR Marine’s Casco Terminals and owned by the VPA.
“This long-term lease creates the stability we need to invest in additional equipment and capacity,” said Bill Weymark, President and Chief Operating Officer of BCR Marine.
Following the expiry of the current operating contract at the end of 2007, the new lease will run for 21 years until 2029.
The plan to invest $16.3 million will be implemented over the next year as BCR Marine and the VPA expand the capacity of Centerm by 25% to a total of 200,000 containers.
BCR Marine, a division of the BCR Group of Companies, is one of the major marine cargo businesses on the Pacific Coast. BCR Marine’s business units are: Casco Terminals, Canadian Stevedoring, and Vancouver Wharves.
Port Vancouver is Canada’s largest port, trading more than $30 billion in goods with more than 90 nations.
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