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Port Sold for $7 Billion

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The Port of Melbourne, Australia’s biggest port for containers, will be sold for US$7.3 billion, reported the Sydney Morning Herald.

The sale has been given to a QIC Ltd conglomerate, which is Australia’s second largest funds manager for the wholesale market, and the sale was awarded due to their impressive operational plan for the port.

The government of the Australian state of Victoria said it was considered a “vote of confidence in the country’s economy.

In a US$45 million investment, DP World Australia ordered four new ZPMC super post-panamax container cranes in October, 2016, to boost productivity and capacity through east coast operations.

DP World Australia’s Brisbane and Sydney terminals received one additional crane each, with the Melbourne terminal receiving two new cranes.

CMA-CGM’s NEMO (North European Mediterranean Oceania) and Hapag Lloyd’s EAX (Europe, Australia Express) will combine for a new service to DP World London Gateway Port in early January, 2017, with CMA CGM’s Rossini as the first to call on the service.

The new business will mean DP World London Gateway is handling all of the UK’s direct services to Australia.

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