Trade route shift opportunity for Canada
Canada’s Cape Breton Regional Municipality (CBRM) has launched a bid to attract support for the development of a new container terminal at Nova Scotia’s Port of Sydney - the Sydport gateway project.
Gordon Forsyth, Sydport gateway project spokesperson, said to Port Strategy: “The biggest strategic reason for the development of Sydport from a world trade perspective is that it will be the closest terminal in North America to the Suez Canal. Manufacturing is shifting from China to South East Asia and India, meaning that the trade route is now even more critical to world trade and goods heading to and from North East America. This new terminal will save carriers both time and money.”
He added that the Sydport project has already generated interest from all sectors – including terminal operators and a rail freight operator.
The first phase of the project, according to Mr Forsyth, will take US$350 to US$400m of investment and create 1m teu of capacity.
Sydport's 500 acre greenfield site sits on the edge of a newly dredged deepwater channel able to accommodate the world’s largest container vessels. Dredge spoils were used to create a 150 acre site expansion needed for the new terminal.
As well as being North America’s closest port to the Suez Canal, the Port of Sydney sits just six miles from the Great Circle Route (GCR) from Europe and the Med – an attractive prospect for ocean carriers.
According to Mr Forsyth, the new terminal will also offer unrestricted double stack rail access to major inland cargo clusters in the US midwest along with the potential for network feeder services along the US east coast.
He added that the terminal will open up many opportunities for the area, which has suffered economically because of previous reliance on the steel industry.
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