Shot in the arm
Port corporation will invest millions into luring international shippers to Corner Brook
CORNER BROOK – The Corner Brook Port Corporation is optimistic new sources of revenue to upgrade its facilities will ultimately lead to landing more international shipping business.
Around $11 million in both public and private infrastructure money was announced at a news conference Friday, Aug. 30 at the corporation’s offices.
Most of the money, namely $5.5 million, is being provided by the federal government through its National Trade Corridors Fund.
The port corporation is contributing around $2.3 million of its own money, while Logistec – the privately-owned stevedoring company currently working on the Corner Brook waterfront – will provide $1.7 million.
The provincial government is chipping in with $850,000, while Corner Brook Pulp and Paper will invest $625,000.
The project will include the purchase of a new mobile crane and two reach stackers to complement the fixed-pedestal crane built as part of the port’s divestiture from the federal government 15 years ago.
Jackie Chow, the port corporation’s chief executive officer, said both cranes will be used to unload container ships quickly to meet international shipping line schedules.
Chow said the port corporation is currently in negotiations with an international company interested in using the port of Corner Brook.
If the demand grows, some of the money will be used to build a new warehouse to store cargo.
Chow said the shipping service to international markets would benefit natural resource sectors, including forest products like newsprint; seafood and mining industrie s.