Vancouver: The Vancouver Port Authority (VPA) unveiled today the first phase in its overall container terminal expansion strategy to increase capacity at the Port of Vancouver. With today's announcement, the Port of Vancouver will add an extra 360,000 Twentyfoot Equivalent Units of containers (TEUs) at the port's two Burrard Inlet container terminals, Centerm and Vanterm, for a new total capacity at the Port of Vancouver of 1.97 million TEUs by 2005. This represents the first step in the VPA's overall plan to reach 4 million TEUs of capacity by 2020.

"Growth in containerized trade has been a global phenomenon and we envision the opportunity to expand our market share and increase our competitive position," said Captain Gordon Houston, President and Chief Executive Officer, Vancouver Port Authority. "We believe we are one of the best prospects for economic renewal in British Columbia. Today's announcement puts us on a solid path to facilitate trade for Canadians, create additional jobs and capture new business in this expanding sector."

In 2002, handling containers at the Port of Vancouver was responsible for 9,000 direct jobs. By 2005, the added capacity at Vanterm and Centerm will create 1,400 new direct jobs. Every container that crosses the dock at the Port of Vancouver is worth $450 in wages, $550 in GDP and $1,200 in economic output. Over a decade, the Port of Vancouver has seen its container volumes triple from 441,054 TEUs in 1992 to 1.46 million TEUs in 2002.

"Each year, the Port of Vancouver has demonstrated its ability to make a positive economic impact on this region in terms of jobs, taxes and other revenue," said David Stowe, Chairman, Vancouver Port Authority. "But this port is now facing crucial issues. In order to succeed, certain challenges must be overcome including regulatory issues, access to capital, infrastructure requirements and competitive threats from U.S. ports."

The additional capacity and increased productivity at Centerm and Vanterm will be achieved by implementing new technology. The throughput capacity of the facilities is expanding on the existing footprints. Vanterm will have its current capacity of 435,000 TEUs increased by 100,000 to 535,000 TEUs. Centerm will have its current capacity of 340,000 TEUs increased by 260,000 to 600,000 TEUs.

Total development costs are estimated to be $110 million for the two terminals. Construction is slated to begin at Vanterm this summer with expansion at Centerm following later.

The Port of Vancouver is Canada's largest and most diversified port, with 25 major marine terminals trading more than $29 billion in goods with more than 90 nations each year. Port activities generate 62,000 jobs in total with $1.6 billion in Gross Domestic Product and $3.5 billion in economic output. Last year, 62.8 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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