Gladstone Ports Corporation News

Australia's Gladstone Ports Corporation (GPC) is continuing to progress its renewable energy initiatives, with a tidal turbine deployed at its Barney Point Terminal in Gladstone.It is part of a six month trial aimed at demonstrating how tidal flows at the Port of Gladstone can be harnessed to produce electricity, according to a press release from the Queensland's largest multi-commodity port and the fifth largest multi-commodity port in Australia.GPC has partnered with MAKO Turbines Pty Ltd for the demonstration, which is the first of its kind in Australian tropical waters using port infrastructure.Member for Gladstone Glenn Butcher said it is an exciting day to see the turbine in action at one of Queensland’s largest trading ports.“GPC may be best known for facilitating trade, but this is

* LNGL has signed a non-binding memorandum of intent (MOI) for gas supply with Tri-Star Petroleum Company (Tri-Star). Liquefied Natural Gas Limited yesterday announced that its 100% owned subsidiary, Gladstone LNG Pty Ltd has agreed to a Variation to the Agreement for Lease with the Gladstone Ports Corporation until 31 March 2016 in two phases. The first phase is an extension of the term from 1 November 2014 to 31 March 2015, with the Company paying an Option Fee of $500,000 and the second phase, at the Company’s election, is a further extension to 31 March 2016, with the payment of a further Option Fee of $1 million. The company executed a non-binding MOI for a proposed gas sales agreement (GSA) with Tri-Star.

An updated IBISWorld market research report reveals opportunities for growth in Australian port trades. According to IBISWorld industry analyst Caroline Finch, “IBISWorld forecasts compound annual revenue growth of 2.3% over the five years through 2012-13”. In the current year, the industry is expected to grow 7.0% to reach $3.39 billion. The report indicates that atrong growth in the value of total merchandise trade has been the primary driver behind the Port Operators industry's solid performance over the past five years. The value of merchandise trade exports has grown faster than the value of merchandise trade imports because of high demand for commodity exports. As more cargo moved through Australia's ports, the industry gained more opportunities to charge for its port services.

The Gladstone Ports Corporation has awarded a five year exclusive license to SMIT for the provision of harbour towage services in the Port of Gladstone. The operation will start on the 1st of January 2011. Part of the agreement will include the provision of five new powerful 70 ton bollard pull harbour tugs for the duration of the license. The harbour towage services will be provided to all users of the port. Australia is a strategic growth market for SMIT for its harbour towage and terminals activities.