DP World and leading Australian operator Flinders Ports have announced a new partnership agreement. The two are to jointly manage a new container terminal at the port of Adelaide, with DP world holding 60% of the equity and Flinders Ports 40%. The concession at the terminal, which DP World has held since 2005, lasts until 2039.
The sell-off was announced by state premier Anna Bligh after Queensland lost its AAA credit rating. While ownership of the ports had previously been a staunch basis of state policy, Ms Bligh had indicated major divestments would be occurring in the state Budget in order to liquidate assets and thereby satisfy financial pressures.
