EU inland waterways freight transport drops in 2023
NewsIn 2023, EU inland waterways freight transport decreased by 4.6% from 2022, continuing a volatile trend marked by several significant fluctuations since 2013.
Port of Geelong sold to US and Australian investment companies
New York-based Stonepeak Infrastucture Partners, a private equity fund, and Melbourne-based Spirit Super, a leading industrial superannuation fund, are to buy 100% of GeelongPort Pty Ltd
Geelong is the State of Victoria’s second largest port located around 75 kms from Melbourne. Stonepeak will hold a 70% interest and Spirit Super will have a 30% stake. The shares are being bought from another “super” pension fund – SAS Trustee Corporation, the trustee of the State Authorities Superannuation Scheme.
GeelongPort is a diversified landlord port authority, managing over A$7B of trade and supporting more than 1,800 jobs across the state. The port has 15 berths in two areas, Corio Quay (now renamed Spirit of Tasmania Quay) and Lascelles Wharf, providing land, infrastructure, and services to facilitate trade for some of Victoria’s largest businesses. By tonnage, Geelong is Australia’s fifth largest port, handling around 12 Mtpa and more than 600 vessel calls annually. The Spirit of Tasmania ferry services are being switched from Melbourne to Geelong.
“As a high-quality landlord port with operations that are critical to Australia’s economy, GeelongPort is a natural fit for Stonepeak’s core infrastructure strategy,” said Darren Keogh, Senior Managing Director at Stonepeak. “It is a highly contracted entity with strong barriers to entry and stable and predictable demand drivers, which we believe are even more compelling when coupled with the port’s meaningful opportunities for long-term growth through additional development to meet future import-export demand in the region.”
Ross Barry, CIO at Spirit Super, said. “We are excited for what our investment will mean for the long-term growth of GeelongPort and pleased that members will now own a direct stake in one of Australia’s largest regional infrastructure assets.”
The transaction is expected to close towards the end of Q1 2023, subject to regulatory approvals. https://www.youtube.com/watch?v=qMonPRBd2oM
You just read one of our articles for free
To continue reading, subscribe to WorldCargo News
By subscribing you will have:
- Access to all regular and exclusive content
- Discount on selected events
- Full access to the entire digital archive
- 10x per year Digital Magazine