Vancouver: The Vancouver Port Authority (VPA) welcomed today the announcement of the sale of Casco Terminals Ltd. and Canadian Stevedoring Company Ltd. to P&O Ports, a division of Peninsular and Oriental Steam Navigation Company (P&O). "P&O Ports has an excellent reputation in the maritime industry," said Captain Gordon Houston, President and Chief Executive Officer, Vancouver Port Authority. "We view this as a tremendous opportunity for growth and redevelopment to enhance trade and strengthen employment at the Port of Vancouver."

Casco Terminals Ltd. operates Centerm, one of three container terminals owned by the Vancouver Port Authority. In addition to handling containers, Centerm also handles pulp and general cargo. Together the Port of Vancouver's three terminals have a combined capacity of 1.7 million Twenty Foot Equivalent Units of containers (TEUs).

"The announcement of this sale provides further proof that the Port of Vancouver will continue to offer high productivity, cost-competitive service and state-of-the-art facilities to shippers who choose this port," said Houston. "Today's announcement is a vote of confidence in the potential of this port. It underscores our belief that the Port of Vancouver is B.C.'s greatest prospect for economic renewal. We estimate there is an opportunity to triple container traffic and add an additional 55,000 jobs at this port by 2020."

"But securing these benefits will require that a number of competitiveness issues facing the Port of Vancouver and other west coast ports are addressed, including changes to the Canada Marine Act," said Houston.

The Port of Vancouver is Canada's largest and most diversified port, trading more than $29 billion in goods with more than 90 nations. Port activities generate 62,000 jobs in total with $1.6 billion in Gross Domestic Product and $3.5 billion in economic output. In 2001, 72.9 million tonnes were shipped through the Port of Vancouver.

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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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