Asciano invests $360m to upgrade Port Botany

Australia-based port operator Asciano is pumping in A$348m ($360m) to redevelop and expand its container terminal at Port Botany in Sydney, Seatrade Asia online reports.

The project will include developing fully the recently leased Knuckle capacity extension as well as the introduction of state-of-the-art terminal handling technology, additional cranes and straddles, and new upgraded employee facilities.

The project will increase capacity from 1.15m to 1.6m teu per annum to meet current trade growth forecasts, according to Asciano.

Due for completion during 2014, the investment is expected to reap substantial returns from productivity improvements and significant cost savings, said John Mullen, chief executive and managing director of Asciano.

Asciano has the flexibility to additionally increase capacity at the terminal beyond 2014 by introducing automatic stacking cranes expanding capacity by an additional 75% to 2.8m teu a year.