Canadian bulk carrier operator Fednav has sold its marine terminal business to Logistec Stevedoring, a subsidiary of fellow Logistec Corporation, for $105m.
The deal incorporates Canadian and US terminal business, including Federal Marine Terminals and the logistics division, Fednav Direct.
Fednav’s division has operated terminal facilities at ports in Canada and the US for over five decades, providing stevedoring, handling and warehousing for bulk, containerised, project cargo, and general cargo, as well as inventory management and inland transportation.
The Montréal-headquartered Fednav, which operates a fleet of around 120 bulkers, of which about 60 are owned, said the transaction should close on or about March 31, subject to customary closing conditions. The addition of 11 terminals will take Logistec’s network to 90 terminals in 60 ports across North America.