Subscribe to RSS feedDP World signs 15-year lease at Port Botany
The New South Wales Government has today announced the re-signing of DP World to a new 15-year lease at Port Botany.
All smiles: DP World Australia chief Jack Williams
NSW premier Nathan Rees and ports and infrastructure minister Joe Tripodi announced the signing at a press conference early this afternoon.
Lloyd's List DCN first reported on May 21 that the two parties were close to an agreement.
The stevedore has been trying to secure another long-term lease at the port since the previous agreement expired in 2004, prompting it to take up a five-year extension option.
Mr Tripodi last year announced that strict conditions would be imposed on all new port leases, including tough performance benchmarks and the threat that the agreement can be scrapped should terminal operators fail to follow through on investment commitments.
As reported in Lloyd's List DCN in May, the new lease is expected to give DP World incentives to meet the benchmarks, including rewards for helping the state government reach its 40% target for containers on rail.
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