U.S. hedge fund Cyrus Capital Partners has partnered with SSA Marine Inc and Melford International Terminal Inc in an investment in the Melford Atlantic Gateway Project. No financial terms were released. The project will focus on construction of a 315-acre marine container terminal at the Strait of Canso, Nova Scotia. Once built, the facility is expected to be the closest North American port on the Great Circle Route to Europe and Asia via the Suez Canal. Cyrus holds a majority interest in Melford International, a Halifax-based development company.
America Gets New First Port of Call: Melford Atlantic Gateway Project in Nova Scotia Will Connect Canadian and US Markets to Rail
SEATTLE–(BUSINESS WIRE)–SSA Marine, Melford International Terminal and Cyrus Capital Partners L.P. have announced their joint venture and investment in the Melford Atlantic Gateway. The 315-acre marine container terminal will be constructed at the Strait of Canso, Nova Scotia, and will become the closest North American port on the Great Circle Route to Europe and Asia via the Suez Canal. The fully permitted terminal is specially designed to accommodate Ultra Large Container Vessels for both trans-shipment throughout North America’s East Coast and intermodal service to Eastern Canada and US markets through a connection to the Canadian National (CN) rail system.
“We welcome this new private investment that recognizes our strong system of existing infrastructure, our training abilities, our skilled workers, and business friendly environment that the Province of Nova Scotia provides to companies investing in our region.”
“This is an exciting initiative for SSA Marine,” said SSA Conventional President Mark Knudsen. “We have spent considerable effort over the years examining terminal opportunities on the East Coast of North America and we believe Melford, with its 20 meters of draft and the ability to reduce delivery time to US and Canadian markets by 2 to 6 days, via a local rail connection to the CN network, excellent workforce and private ownership combines all the beneficial attributes to quickly establish itself as the preeminent first port of call for North America.”
“The Melford team is elated with this partnership,” said Melford President Paul Martin. “We have been working on this project for a number of years and the investment by SSA Marine, the leading terminal operator in North America, demonstrates a huge vote of confidence in this initiative. SSA Marine’s relationships and service history, with the world’s leading steamship lines, will assure the lines of receiving the highest level of service,” he said.
Mr. Martin also recognized Nova Scotia’s well-known skilled labor force, and said their support for this project, combined with the support of the local community and community leaders, create a unique opportunity for streamlined construction and startup activities.
Taking advantage of the extensive network and superior service of CN in Canada and the United States, the Melford Terminal has the potential to serve Eastern Canada and Midwest US markets in a very competitive and efficient manner.
The Honorable Stephen McNeil, Premier, Nova Scotia, said, “We welcome this new private investment that recognizes our strong system of existing infrastructure, our training abilities, our skilled workers, and business friendly environment that the Province of Nova Scotia provides to companies investing in our region.”
Rodger Cuzner, Member of Parliament in the Government of Canada, said, “What is most remarkable to me is that this incredible deal was developed with independent financing and no public funds. The team that developed this project is to be commended for the establishment of partnerships and the continued efforts to increase activity in the Strait of Canso region and all of Nova Scotia.”
About SSA Marine
SSA Marine is the world’s largest independent, privately-held marine terminal operator, with activities at nearly 250 terminal facilities and rail operations throughout the U.S., Canada, Mexico, Central America, South America, Asia, New Zealand and South Africa. Since its foundation in 1949, SSA Marine has continued to grow, always focusing on its customers’ interests. The SSA terminal in Panama has doubled its handling capacity in time for completion of the canal. Other affiliates of SSA Marine are also working on significant expansion projects in the United States, Mexico, Chile, Colombia and Vietnam.
About Melford Terminal
Melford International Terminal is a privately-held developer, the owners of which include a partnership of Nova Scotia businessmen as well as majority owner Cyrus Capital Partners L.P. of the US and UK. The Nova Scotia owners as well as Cyrus will continue to play an active role in the development of the Melford Atlantic Gateway Terminal.
Mark Knudsen, 206-623-0304
Melford International Terminal
Richie Mann, 902-456-4575
Canadian National Railway Company
Mark Hallman, 905-669-3384
Photo courtesy of Province of Nova Scotia