Joint venture to develop Sydney container terminal for mega ships
A New York-based investment fund, AVAIO Capital, has agreed to form a joint venture with Sydney Harbour Investment Partners (SHIP) to build a US$440 million deepsea container terminal in Sydney, Nova Scotia as backers continue their efforts to attract a global container operator seven years after the Novaporte greenfield project was announced.
The terminal on the envisioned 500-acre site would handle vessels of more than 18,000 TEU capacity as well as roll-on, roll-off cargo. Dredging of the channel to 55 feet was completed in 2012.
"Of all the port opportunities in the region, Novaporte is the best positioned due to its ice-free harbor, close proximity to an existing railroad and strong support from local government and stakeholders," said Mark McCormisky of AVAIO Capital. The latter has completed over US$50 billion of infrastructure development and construction projects across the water, transportation, digital and energy sectors.
Albert Barbusci, CEO of Novaporte, said the financial support "will enable us to advance the preconstruction activities required to put the port into construction."
Another group in Nova Scotia, Melford International Terminal, has been working for a number of years to establish a new terminal near Port Hawkesbury. (photo-Novaporte artist rendering).