The government of Queensland announced its plans to allocate up to $75 million in funding, for the Townsville Channel Capacity Upgrade Project, according to the Port of Townsville Limited (POTL). This is the first stage of the $1.64 billion Townsville Port Expansion Project, that will widen the shipping channels to accommodate larger ships.
POTL Chief Executive Officer, Ranee Crosby, said that the project would future-proof the port by ensuring it remains competitive and viable for major shipping lines, as well as providing certainty for industry investment into the region.
“Being able to accommodate larger ships will have significant and far reaching benefits for Northern Australia; larger ships are more efficient, which means lower operating costs per unit, particularly for container and car ships,” said Ms Crosby. “Townsville will also be able to attract larger cruise ships, providing a much needed boost to the local tourism industry.”
POTL Chair Renita Garard said that the announcement was a huge milestone for the project and future trade opportunities for the Port of Townsville.
“Townsville Port is also a strategic port for Northern Australia’s Defence capability, and is enabling the city to become a genuine player in the booming cruise industry in North Queensland” she said.
According to Townsville port, the Channel Widening Project will return $580 million in benefits to Queensland, providing the safest, most cost effective and environmentally sustainable solution for meeting the freight requirements of North Queensland. Starting from 2018, the project will take up to six years in total, with completion in 2023.
POTL has submitted an Environmental Impact Statement to State and Federal regulators for final assessment, which has included comprehensive scientific assessments and consultation processes to address key issues, and controls to ensure the health of Cleveland Bay is safeguarded.
“With the State Government’s $75 million funding commitment, POTL is now in a position to finalise full funding to ensure this vital project for North Queensland and Northern Australia proceeds”, POTL concluded.
