Port of Vancouver, TSI agree on lease

Port of Vancouver, TSI agree on lease    The Vancouver Port Authority said Thursday it has reached an agreement with Terminal Systems Inc. to enter into a new 50-year operating lease upon completion of a proposed expansion of Deltaport, the port's largest container terminal.
   The port's plan to add a third berth at Deltaport will result in a 50 percent increase in capacity. The expansion project is undergoing an environmental and regulatory review by provincial and federal agencies, with a decision expected by early 2006.
   Upon completion of the expanded terminal, expected by Jan. 1, 2009, the 50-year lease agreement will replace the existing leases and operating agreements that TSI has with the port. TSI has operated container terminals in the Port of Vancouver for more than 35 years and in 2004 handled more than 1.3 million TEUs at the Vanterm and Deltaport terminals combined.