DP World extends Port Botany lease
Global marine terminal operator DP World said it has concluded a 15-year lease extension to operate at Port Botany in Sydney, Australia.
The lease agreement is the third signed by the Dubai-government owned company in Australia this year, following a 40-year lease renewal at Port Brisbane and a new 30-year operating lease in Adelaide's port.
The port authority is using the contract to increase port efficiency, including incentives to improve truck service and rail performance.
The Sydney Ports Corp. has set a target of moving 40 percent of containers by rail to and from Port Botany.