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August 1, 2018

PSA to buy 60% stake in Ashcroft Terminal in Canada

PSA International, through its wholly owned subsidiary PSA Canada Holdings, has signed an investment agreement to purchase a 60% interest in Canada’s Ashcroft Terminal (AT).

PSA International, through its wholly owned subsidiary PSA Canada Holdings, has signed an investment agreement to purchase a 60% interest in Canada’s Ashcroft Terminal (AT).

The terminal is situated around 300km east of the Port of Vancouver (POV) and comprises 320 acres of freehold industrial land.

Two railroad lines, Canadian National (CN) Railway and Canadian Pacific Railway, run through the facility to move import and export cargoes to and from POV, across Canada, as well as Chicago and other North American markets.

AT is also situated near to British Columbia’s major highways that cater to most of the province’s natural resource industries such as agriculture, mining, forestry, as well as oil and gas.

PSA International Group CEO Tan Chong Meng said: “Ashcroft Terminal is PSA’s first foray into Canada and offers us an entry point into the hinterland supply chain for the North American market, as well as an opportunity to increase our capabilities in intermodal and inland container depot (ICD) operations.

“The terminal’s strategic location allows us to establish a common user ICD and provide greater options to cargo owners and consignees.

“We will partner with shipping lines, rail operators and trucking companies to implement a more robust, efficient and cost-effective supply chain solution.”

“We will partner with shipping lines, rail operators and trucking companies to implement a more robust, efficient and cost-effective supply chain solution to serve the needs of major exporters in Western Canada.”

PSA is currently involved in the operation of around 40 terminals in 16 countries across Asia, Europe, and the Americas, with flagship operations in PSA Singapore Terminals and PSA Antwerp.

Ashcroft Terminal CEO and president Robert Landucci said: “PSA’s expertise as a world-leading port operator, coupled with Ashcroft Terminal’s current service to Canadian producers, established relationships with key stakeholders and Ashcroft Terminal’s in-depth knowledge and experience in rail operations will put the terminal in good stead for future growth.”

The terminal recently announced a C$28m ($21m) investment to upgrade its inland port and container handling capabilities.

It is also expected to receive a new rail line, additional rail track of existing infrastructure, an internal road system, and a multi-commodity storage facility.

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