Bundaberg merges with Port of Brisbane

Bundaberg Port, which has been in existence for 110 years, will continue to trade under its own name, but with the backing of PBC’s A$1.9bn in assets. “The Port of Brisbane is Australia’s fastest-growing capital city port and has an impressive record of trade growth and project development. The merger will give Bundaberg Port the strategic mass with the security of a strong balance sheet to chart an exciting course ahead,” said Mr Lucas.

Over the past six years, the Port of Bundaberg has made an average profit of A$140,000, with 24 ship arrivals last year. In comparison, the Port of Brisbane made a profit of A$23m, with 2,600 ships using the facility last year.

“The merger is driven by changes in the industry. It’s a tough world out there and the variable prospects of the sugar industry have made the continued viability of Bundaberg as a stand-alone port difficult,” said Mr Lucas. He added that the merger, together with other developments nearby (such as a new city ring road and a proposed new rail freight line), would ensure its long-term future. The merger process is expected to be completed later this year.