Dunkerque boost
38 B ULK D ISTRIBUTOR
Ports & Storage
May/June 2019
A
Dunkerque’s LNG terminal is gaining momentum
fter an exceptional month of March, France’s Dunkerque-
Port closed the fi rst quarter with an increase in overall
traffi c of 5 percent compared with the previous year.
With monthly traffi c fi gures of more than 5 million tonnes in March,
Dunkerque neared its historic monthly record established in April
2008 (5.29 million tonnes), before the global economic crisis.
The volumes recorded at the LNG terminal were a contributing
factor to this positive trend. At the end of March, LNG traffi c already
stood at 1.25 million tonnes, equivalent to the tonnage recorded for
the whole of 2018. In three months, the terminal berthed 18 port
calls by LNG tankers.
In solid bulk, the grain trade is showing signs of recovery with
accumulated traffi c of 0.5 million tonnes, up 45 percent over the
previous year. Trade in small industrial bulk goods (excluding ore and
coal) confi rmed the positive trend observed since 2017, with traffi c up
by 21 percent at the end of March.
Finally, general cargo driven by containerised business was up 17
percent in the fi rst quarter. Early in March the Terminal des Flandres
berthed a record port call by the MV CMA CGM Bleriot with 5,700
TEU handled.
Emmanuelle Verger, recently appointed chair of the GPMD
Supervisory Board, commented: “The current results of Dunkerque-
Port validate the new economic model of the port, for which
signifi cant investments were made throughout the 2014-2018
strategic project.
“The LNG terminal, inaugurated in January 2017, is gaining
momentum. The new industrial sites that have started up in recent
years are boosting trade in solid bulk. The increase in container traffi c,
which has been on-going since 2013, is expected to continue with
the imminent start-up of the new berth in the container terminal.”
Grain offl oads
liquid terminals
I
n Australia, GrainCorp Limited has entered into an
agreement to sell its Australian Bulk Liquid Terminals
business to ANZ Terminals Pty Ltd for approximately A$350
million.
The sale price represents 13 times EBITDA.
The terminals business was bought by GrainCorp in 2012 as part
of the acquisition of Gardner Smith. It operates eight liquid
terminals sites across Australia, with a combined storage capacity of
approximately 211,000 cbm. The sites specialise in the storage and
handling of bulk liquid fats & oils, fuels and chemicals for a range of
customers, including GrainCorp Oils. As part of the transaction,
GrainCorp Oils will enter into a long-term storage agreement with
ANZ Terminals.
GrainCorp managing director and CEO Mark Palmquist said:
“Since we acquired the assets in 2012, the bulk liquid terminals
business mix has evolved substantially and is increasingly serving
other sectors, in addition to the edible oils commodities that are
more closely aligned with GrainCorp’s core business. Divesting the
assets to another experienced operator, while also putting in place a
long-term storage agreement, allows us ongoing and secure access
to the storage needed to support our oils business, while releasing
capital and unlocking signifi cant value for shareholders.”
Sam Tainsh, group general manager, GrainCorp Oils, added: “ANZ
Terminals is an established and respected bulk liquid terminals
operator. We will work with ANZ Terminals to ensure a smooth
transition for our customers and our people and through the long
term storage agreement we will have the access required for our
trading and liquid feeds businesses.”
The transaction is subject to a number of conditions, including
GrainCorp not entering into a change of control transaction or
material alternative transaction before 10 May 2019, no material
adverse change, regulatory approvals from the Foreign Investment
Review Board and Australian Competition and Consumer
Commission, lessors’ consents and fi nalisation of agreements
required for the transition of the business.
GrainCorp is retaining ownership of its New Zealand bulk liquid
terminals, which are more fully integrated into its supply chain.
However, it is independently reviewing options for this business as
part of the ongoing portfolio review.
Blackpeak Capital acted as fi nancial adviser and Gilbert & Tobin
acted as legal advisers on the transaction.
ANZ Terminals is an independent provider of storage terminals
across Australia and New Zealand. Its 12 operating assets have a
total capacity of approximately 426,000 cbm.