Global car carrier Wallenius Wilhelmsen announced this week that it will sell the Melbourne International RoRo and Auto Terminal (MIRRAT) for AUD$332.5 million to Australian Amalgamated Terminals (AAT).
AAT is a wholly-owned subsidiary of Australian Stock Exchange-listed Company Qube, which trades under the ticker ASX:QUB.
Wallenius added that it will continue to use MIRRAT after the sale.
“MIRRAT has been incredibly successful both commercially and financially, and the sale demonstrates the values created in our logistics business. As we continue to develop our integrated offering to customers, we believe the terminal’s independence and open access can be even better developed under a new and independent ownership. We will continue to be a happy customer of MIRRAT and work with the strong team there,” says Lasse Kristoffersen, President, and CEO at Wallenius Wilhelmsen.
“The MIRRAT-team has done a great job, developing the only dedicated roll-on, roll-off terminal, building a robust and customer-centric operation serving multiple shipping lines,” Kristoffersen added.
Qube Managing Director, Paul Digney, commented: “as the only dedicated roll-on, roll-off terminal servicing the Victorian market, MIRRAT plays a critical role in the Victorian and National economy… Qube is delighted to acquire this high-quality asset, which plays a critical role in efficient import and export automotive supply chains”.
QUBE noted that MIRRAT is the only dedicated roll-on, roll-off terminal servicing the Victorian market. The facility covers 35 hectares, features three berths, has a 120 tonne gantry crane, 8,000 square metres of undercover storage and two quarantine wash bays. It also holds a six-star rating from the Green Building Council of Australia. Automotive volumes are serviced by 14,500 open-air car slots on site. QUBE adds that the business is expected to continue to benefit from growth in imported car volumes, which QUBE says are generally linked to population growth and vehicle turnover. QUBE stated that it will rebrand MIRRAT to AAT after completion of the acquisition.
MIRRAT operates on a similar basis to AAT’s other terminals in Port Kembla (NSW), and Fisherman Island (QLD), and is regulated by the Australian Competition and Consumer Commission under an undertaking pursuant to section 87B of the Commonwealth’s Competition & Consumer Act. That section enables the competition watchdog to accept written undertakings in the exercise of its powers under the Act and for enforcement of those undertakings in the Federal Court of Australia. Parties that give s87B undertakings can only vary or withdraw them with the consent of the Commission.
The transaction is expected to close in Q3 2024 and is subject to approval from the Commission and also from the Port of Melbourne.
Kim Edgar Buøy, senior vice president at Wallenius Wilhelmsen, commented: “Proud to have been part of this incredible journey since we started to scope the project back in 2012, won the bidding in 2013 to develop, lease and operate the facility, opening the facility in 2016 and to take it to what it is today. There has been many “Rock-Stars” contributing to making MIRRAT what it s today – and I’m extremely proud and grateful for having had the opportunity to work with you all. Going forward we look forward to seeing AAT taking the terminal into its next phase – but also look forward to work with the terminal team, but then as a major terminal user and not owner.
Up and Onwards! “
