Singapore’s PSA buying part of Canadian terminal

Government-owned company’s CEO says Ashcroft Terminal offers an entry point into North American market and opportunity to increase intermodal and inland container depot operations.     PSA International Pte Ltd, the shipping terminal company owned by Singapore’s sovereign wealth fund Temasek, has signed an agreement to acquire 60 percent of Ashcroft Terminal, a 320-acre privately owned transload and storage terminal in British Columbia.
   PSA said a Canadian subsidiary will acquire a majority stake in the inland port facility, which is located approximately 300 kilometers east of the Port of Vancouver.
   The companies said it is the “only major privately owned industrial property in Canada where both Class 1 railroad lines — including Canadian National (CN) Railway and Canadian Pacific Railway — run through, transporting import and export cargoes to and from the Port of Vancouver, across Canada and as far as Chicago and other North American markets.”
   Tan Chong Meng, group CEO of PSA, 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 to serve the needs of major exporters in Western Canada.”
   Ashcroft said it currently services natural resource industries, including agriculture, mining, forestry and oil and gas by providing transloading, fleet management, railcar storage and logistics solutions.”
   Ashcroft said it recently announced a C$28 million ($21.4 million U.S.) upgrade to further strengthen its inland port and container-handling capabilities and that the terminal is slated to receive a new rail link to the CN main line, additional rail track of existing infrastructure, an internal road system and a multi-commodity storage facility.
   It said, “Transport Canada, through the National Trade Corridors Fund, will provide a grant of up to $9.2 million (Canadian) representing one-third of the cost of the project.”