Patrick spends up on Brisbane port
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Corrigan bought a half share in Virgin Blue in 2002, ahead of a float in late 2003.
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SYDNEY, Australia (CNN) -- Transport and logistics group Patrick Corp., the biggest shareholder in airline Virgin Blue, is to upgrade its shipping operations at the Australian port of Brisbane.
Patrick said Friday it would spend Aust. $100 million ($79 million) on a new container terminal at Brisbane, the third largest Australian city.
It said the semi-automated terminal, the first of its kind in the world, would handle 500,000 TEUs (20-foot equivalent units) a year, with an ultimate capacity of 800,000 TEUs.
Patrick managing director Chris Corrigan said the group would spend A$50 million on infrastructure and another A$50 million on equipment, including 14 automated straddle container carriers.
The terminal should be fully operational by March 2005.
Patrick had been known primarily for its freight-handling and shipping operations until March 2002, when it bought a 50 percent stake in Richard Branson's discount airline Virgin Blue.
Following an initial public offering late last year, Patrick's stake in the airline fell to 45 percent -- for which it paid a total of about A$400 million over a 21-month period.
That has proven to be a good investment so far.
Virgin Blue began trading on the Australian Stock Exchange in December 2003 and has a market value of about A$2.5 billion.
