Associated British Ports (ABP) and ferry operator Stena Line have agreed a £100m (€116.4m) deal which will see them develop a freight terminal at the Port of Immingham, UK’s largest port by tonnage.
As part of the agreement Stena Line will operate the new terminal in the Humber region for the next 50 years.
Stena Line currently runs four daily freight services from the Humber to The Netherlands. At the start of the year, Stena Line relocated its Rotterdam freight service to the Port of Immingham, which is owned by ABP.
Niclas Martensson, CEO of Stena Line, said: “We are very pleased to announce that we will now take the next steps in the strategic vision for our routes between the UK and Continental Europe.
“Our freight levels are at record levels and are continuing to increase, so we want to build on this success and provide additional services to our most important business needs, those of our customers, with the development of a brand new terminal and berths at the Port of Immingham.”
ABP intends to submit an application for a development consent order in early summer with a view to the new terminal facilities being operational in 2025.
Simon Bird, Humber director, Associated British Ports, said: “Stena will be joining a growing family of commercial partners who are choosing to use ABP’s ports in the Humber which have fantastic facilities and connections for traders across Europe and beyond.
“Our track record in recent years of investing in new infrastructure is making the Humber the place to be for trading links between the Midlands and North of England, and the rest of the World.”
ABP is owned by a consortium of investors including the Canada Pension Plan Investment Board, the Ontario Municipal Employees Retirement System, Singapore’s GIC, Kuwait Investment Authority and Federated Hermes.
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