Bulk Distributor May/Jun 19 | Page 38

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.