“Sustainability clause” central to DP World/Brisbane lease
DP World recently reaffirmed its commitment to the Port of Brisbane, when it signed an Agreement to Lease for a new 40-year lease at the Port of Brisbane, announcing it is looking at investing $A250 million in the port over time in response to market demand. DP World currently leases container Terminals 4, 5 and 6 at the port.
Port of Brisbane Corporation CEO Jeff Coleman said that the Corporation was delighted by the length of DP World’s commitment and the size of its proposed investment, and, in particular, by its willingness to embrace the inclusion of a “Good Environmental Practice” clause in the lease. “The “Good Environmental Practice” clause enables the Corporation to impose a “Port Requirement” regarding environmental and sustainability enhancements,” explained Coleman, “subject to a reasonableness and parity test. This is the time first that a lessee has contractually undertaken to pursue environmental enhancements that it may implement on its own initiative or that may be required by the Corporation.” He continued “With the recent completion of Berth 10 (the port’s seventh dedicated container terminal), the port’s other terminal operator, Patrick, will vacate Terminal 7, enabling DP World to take it over. This will give DP World a total lease area of 35.8ha to be operated as a container-only terminal for an initial term of 20 years, with a 20-year option. This will expand both port operators’ leased area, providing them with 900 metres of quay line each, to enable them to continue to maintain a three berth operation in the face of ever-increasing ship size.” Mr Coleman said that DP World would also be making additional investment by way of purchasing the existing improvements at its terminals. “Under the existing leases, the Corporation owns the improvements in the form of pavements, lighting, buildings, etc. DP World has expressed a strong desire to own its improvements under the new lease, as significant additional development is required by DP World to refurbish and re-engineer the terminal”, he said. DP World chief executive Mohammad Sharaf said the Fisherman Island Terminal in Brisbane was a key asset in the company’s expanding global portfolio. “We are pleased the new lease specifically recognises the importance of environmental and sustainability enhancements in terminal operations, and we congratulate the Port of Brisbane Corporation on this initiative. DP World takes its responsibility to the environment very seriously and we are working hard as an organisation to minimise our impact on the environment globally.”
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