Port Saint John announced a 30-year lease with shipping leader DP World to operate its container terminal.
The announcement, made on Thursday, is being called the biggest private sector investment the port has made in decades.
It’s expected DP World, the fourth largest container terminal handler in the world, will invest millions in the port — most notably in equipment upgrades.
READ MORE: $136 M Port Saint John investment announced by federal, provincial governments
DP will take over operations on January 1.
Port Saint John CEO Jim Quinn says the port is the third largest in Canada in terms of volume, and his goal is to make the port the East Coast connection to world trade.
“There are now 300 ports, worldwide that are accessible through New Brunswick and Port Saint John,” Quinn said.
He added the goal of the port is to grow its import and export business.
“I don’t mean let’s just grow it, I mean let’s turbo charge it.”
DP World currently operates terminals in Vancouver and Prince Rupert, British Columbia.
With files from Andrew Cromwell.