VANCOUVER, B.C. (Friday, April 20, 2001) BCR Marine and the Vancouver Port Authority (VPA) have signed a 21-year lease that will set the stage for an initial investment of $16.3 million and a major increase in container handling capacity at Centerm. Centerm is operated by BCR Marines Casco Terminals and owned by the VPA.

This long-term lease creates the stability we need to invest in additional equipment and capacity. More capacity will improve customer service and keep the facility at the leading edge in the maritime cargo industry, said Bill Weymark, President and Chief Operating Officer of BCR Marine.

Following the expiry of the current operating contract at the end of 2007, the new lease will run for 21 years until 2029.

The plan to invest $16.3 million will be implemented over the next year as BCR Marine and the VPA expand the capacity of Centerm by 25% to a total of 200,000 containers.

The growth in the container sector has been a huge success story for Port Vancouver and the B.C. economy. The signing of this lease demonstrates a renewal of our excellent working relationship with BCR Marine, said Gordon Houston, Vancouver Port Authority President and CEO. It also signals a revitalization of Centerm so that together we can offer even better value to all our customers.

BCR Marine, a division of the BCR Group of Companies, is one of the major marine cargo businesses on the Pacific Coast. BCR Marines business units are: Casco Terminals, Canadian Stevedoring, and Vancouver Wharves.

Port Vancouver is Canadas largest and most diversified port, trading more than $30 billion in goods with more than 90 nations. The Port generates 10,700 direct employment opportunities and $540 million in taxes.

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For more information, please contact:

Anne McMullin,
Director, Corporate Communications and Public Affairs
Vancouver Port Authority
(604) 665-9069 (office)
(604) 665-9073 (fax)
(604) 218-1403 (cellular)
anne.mcmullin@portvancouver.com

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