Reddit icon
Technorati icon
e-mail icon
Twitter icon
Facebook icon
Google icon icon
Digg icon
LinkedIn icon

Port of Brisbane to be sold to Mid-East's Q-Port

The Queensland government has announced that the Port of Brisbane, one of Australian's fastest growing container ports, will be sold for AUD$2.3 billion NZD$2.9 billion) to Q-Port Holdings, a consortium of Middle Eastern and local investors, according to the Shipping Gazette, citing the Australian Broadcasting Corporation.

Queensland Treasurer Andrew Fraser said this is a good deal for the state's taxpayers and that Q-port is "people who know how to run, with interests in running port facilities in eight countries".

Agricultural shippers who use the port to get frozen and chilled beef, cotton and grain out of Queensland want to see the port keep the costs down by the new management to ensure Australian grain remains competitive for overseas buyers.

"Container exports have opened up a whole range of new markets for Australian grain, and particularly Queensland grain," said David Ginns from a grain exporting company GrainCorp. -- Source: Shipping Gazette