Harper Macleod has advised on the financial close of a $115m investment by Sea Transport Corporation (STC) and Australian financial institutions in the Lucky Bay common user port facility near Adelaide, South Australia.
The facility is expected to provide significant benefits to the huge local grain sector.
The Lucky Bay port facility will be built and operated by T-Ports, a joint venture between Inheritance Capital Asset Management, Duxton Asset Management and STC. The facility, which is expected to be fully operational by October, includes a shallow harbour port, a 430,000 tonne capacity grain storage, a 150,000t upcountry storage and a specially built shallow draft transhipment vessel to transfer grain to larger ships five miles out to sea.
The new port will bring much needed competition to the grain handling sector in South Australia, and already has the backing of many local grain producers, who could also significantly reduce their freight costs.
The STC group, which was established in 1976 by Scots born businessman Stuart Ballantyne, owns, operates and constructs marine vessels, and has a track record in the establishment of new ports and ferry routes.
Harper Macleod advised Sea Transport Corporation (STC) on the deal with a Shipping, Ports & Harbours team led by partner Steven Brown (picture).
Involved fees earner: Steven Brown – Harper Macleod;
Law Firms: Harper Macleod;
Clients: Sea Transport Corporation (STC);