Freight Rail

Qube & Brookfield complete Asicano deal

Qube train. Photo: Qube

Acquisition of rail, automotive and stevedoring giant Asciano completed on Thursday/Friday last week according to a statement from one of the main buyers, Qube.

On Thursday, August 18, Qube acquired all of the shares in Asciano Holdings (Containers) Pty Ltd, the entity that holds Asciano’s Patrick Terminals business.

Completion of the scheme of arrangement for Patrick took place on Friday, August 19.

Qube Managing Director Maurice James said, “I am delighted that the lengthy process of acquiring the Patrick terminal business is now completed and we are looking forward to working closely with our partners and the management team at Patrick.”

In the most recent (August 18, 2016) results for the Patrick business (then still a subsidiary of Asciano), the revenues of the Patrick business fell 9.9% from $1,454.7m in the year to June 30, 2015, to $1,310.1m in the current year to June 30, 2016.

Container terminal volumes as measured in lifts (including volumes subcontracted both out and in) stood at 2,095,400 for the year ended June 2016, which is a 1.3% increase on figure for the year ended June 2015 of 2,069,500.

In TEU terms the results were a little stronger again. TEUs were 3,122,200 for the current period, up 2.0% on the year to end June 2015.

Patrick operates container terminals at East Swanson Dock, Melbourne; Port Botany, Sydney; Fisherman Islands, Brisbane; and at Fremantle.

Qube has also the appointment of Michael Jovicic as the CEO of Patrick.

Immediately prior to his appointment, Mr Jovicic held the position of “Director – Commercial” at Qube from August 2011.

Prior to that he was the Managing Director (Platinum Infrastructure Advisory) from May 2010 to August 2011 (1 year and 4 months).

In the role before that, he held the role of Director – Head of Business Development & Projects Asia Pacific APM Terminals, for four and a half years. During that time he drove and managed the development of investment opportunities (greenfield, M&A, expansions) for APM in the Asia Pacific Region.

In the immediately prior role, he held the position of Director – Head of Investments & Strategic Partnerships at Maersk Logistics from August 2002 to October 2005 for just over three years. He developed and executed investment strategy and business plans for the region’s new and existing joint ventures (including warehousing, depot, forwarding, customs & container services); identified, developed and implemented new profitable investment and strategic partnership projects within the greater China area, developed and drove profitable expansions in existing joint ventures.

This article originally appeared on Rail Express sister site Lloyd’s List Australia.