Waterway On balance, we've got a pretty strong story, says port authority chairman
SAINT JOHN - This week's revelation that the federal and provincial governments have agreed to share the costs with the Saint John Port Authority in a $42-million infrastructure project to benefit the cruise ship industry could be just the tip of the iceberg in terms of good news for the port in coming years.
The Saint John port is faring well these days despite the global economic woes, especially compared to other facilities.
"We have a lot of files in the works. On balance, we've got a pretty strong story," said port authority chairman Stephen Campbell. "We're talking to a lot of ports that tell us they wish they had the base cargo that we have. It gives us a good foundation to build on."
The city's continued emergence as the regional energy hub is also expected to boost the port's business.
As the Canaport LNG liquefied natural gas terminal comes on-line, Campbell expects a steady stream of vessels in the Bay of Fundy.
"With LNG alone, when it gets fully up and running, it could be as much as 100 new ships a year," he said.
And with Potash Corp. currently building a $1.7-billion mine near Sussex, the port's president and CEO expects the most lucrative cargo to take on an even greater role. Potash accounts for about 44 per cent of the port's annual revenue. Cruise ships are next at about 20 per cent.
"The outlook for us is pretty good," said Capt. Alwyn Soppitt. "If you look into the future, we're a bulk port, so we've got petroleum developing, we have the LNG terminal ready to open and we have the expansion at the potash mine.
"We have to be prepared in the event Potash Corp. wants to expand when the second mine is operational (scheduled for 2012)."
Complete article: http://nbbusinessjournal.canadaeast.com/front/article/654245