The Port of Nanaimo and DP World have finalized a 50-year lease agreement for the Duke Point Terminal. The new agreement will provide a long-term port-to-port solution for short-sea shipping between Nanaimo and Vancouver, as well as expand direct access from Nanaimo to global import/export markets via direct calls to Asia. The signed agreement is an important first step in the planned terminal expansion, currently estimated at $105 million. The project includes an extension of the existing berth from 182 metres to 325 metres and the construction of a new truck gate, warehouse and administration and maintenance building. The existing diesel quay crane will be replaced with two 16 container-wide electric quay cranes. The terminal’s container yard storage area will be increased, creating an overall terminal operational capacity of 280,000 TEUs. The project is funded by a mix of public and private investment, including a $46.2 million federal contribution through the National Trade Corridors Fund (NTCF) and a $15 million provincial contribution as a part of B.C.’s Economic Recovery Plan.