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Qube Holdings

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Qube Holdings
Company typePublic
ASX: QUB
IndustryLogistics, rail transport, stevedoring, warehousing
FoundedJuly 2006
FounderChris Corrigan
Headquarters
Sydney
,
Australia
Key people
Paul Digney (Managing Director)
Allan Davies (Chairman)
Revenue$1.7 billion (2019)
$181 million (2019)
Number of employees
6,500 (2020)
Websitewww.qube.com.au

Qube Holdings is a diversified logistics and infrastructure company in Australia.

History

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In July 2006, following the takeover of Patrick Corporation by Toll Holdings, Chris Corrigan and some executives departed and teamed with Kaplan Funds Management to explore logistics opportunities. In January 2007, the KFM Diversified Infrastructure & Logistics Fund was listed on the Australian Securities Exchange.[1]

In April 2007, a 75% shareholding in P&O Automotive & General Stevedoring and 50% shareholding in P&O Trans Australia were acquired from DP World.[2]

In June 2010, the KFM Diversified Infrastructure & Logistics Fund was renamed Qube Logistics.[3][4][5] In April 2011, Qube exercised an option to take its ownership in P&O Trans Australia up to 95%.[6][7][8] In 2012, Qube purchased Independent Rail of Australia.[9]

In January 2015 Qube acquired ISO limited in New Zealand.

As part of the break up of Asciano, Qube purchased a 50% stake in Patrick Corporation in August 2016.[10]

In 2019, Qube acquired Chalmers Industries and LCR Group. In September 2021, Newcastle Agri Terminal was acquired.[11][12]

In May 2023, Qube acquired Kalari Proprietary Limited from Swire Investments (Australia) Ltd and a 50% stake in Pinnacle, a New Zealand owned and operated group of companies.[13][14] In November 2023 Qube acquired the remaining 50% in Pinnacle along with Stevenson Logistics in North Fremantle and Agri Rail Terminal in Narrabri.[15]

In May 2024 Qube entered into an agreement to acquire Melbourne International RoRo & Automotive Terminal (MIRRAT) from Wallenius Wilhelmsen for approximately A$332.5 million.[16]

Operations

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Ports and bulk

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Qube has freight handling and stevedoring facilities at 29 ports in Australia through its subsidiaries P&O Automotive and General Stevedoring, Northern Stevedoring Services, Australian Amalgamated Terminals, PrixCar and the W Qube joint venture between Qube and Wilhelmsen Ships Service. It is also a 50% joint venture partner in Patrick Corporation.

Logistics

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Qube Logistics operates road and rail services. Qube operates rail freight services in regional New South Wales and Victoria, and between Melbourne and Adelaide. In January 2022, Qube commenced operating a contract to transport BlueScope products from its steel works at Port Kembla to Melbourne and Brisbane.[17] It owns the Moorebank Intermodal Terminal in Sydney.[18]

Locomotive fleet

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As of October 2019, Qube owned the following locomotives:[19]

Class Image Number in class Built Notes
Owned Fleet
1100 8 2011-2012 4 additional units (1109-1112) ordered but never delivered, sold to White Pass & Yukon Route.
MZ/14 13 1972–1974 Ex Independent Rail of Australia, 4 stored
44 9 1961–1967 Ex Independent Rail of Australia and P&O Trans-Australia, 8 stored
442 1 1971–1972 Ex Independent Rail of Australia, stored
80 3 1980–1983 Ex Coote Industrial
RL 3 2005-2010 Ex P&O Trans-Australia
GML 1 1994 Ex Comalco.
QBX 6 2015
G 2 1984-1989 Ex SCT Logistics #521 + 532.
830 2 1963-1966 Ex Greentrains #864 + 872
QL 20 2021-2023 20 All in Service
QE 12 2023
Leased Fleet
CF 10 2012-Current CF4404, CF4405, CF4406, CF4407, CF4411, CF4412, CF4420, CF4421, CF4422, CF4423
VL 5 2007-2009 VL351, VL353, VL356, VL357, VL360
G 2 1984-1989 G512, G515

Strategic Assets

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The Strategic Assets business is responsible for the development of expansion projects and investments. These include:

References

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  1. ^ "KFM Diversified Infrastructure & Logistics Fund Admission to Official List" (PDF). Australian Securities Exchange. 3 January 2007. Archived from the original (PDF) on 5 July 2022.
  2. ^ Kaplan Funds Management (10 April 2007). "KIL to participate in major logistics alliance" (PDF) (Press release). Archived from the original (PDF) on 5 July 2022.
  3. ^ KFM Diversified Infrastructure & Logistics Fund (5 February 2010). "KIL acquisition to double the size of logistics investments – assets to increase to around $445 million. Announces name change to Qube Logistics" (PDF) (Press release). Archived from the original (PDF) on 6 July 2022.
  4. ^ O'Sullivan, Matt (6 February 2010). "Corrigan eyes Patrick dream at Kaplan". Sydney Morning Herald. Archived from the original on 12 April 2010. Retrieved 8 June 2012.
  5. ^ Lee, Tracy (28 August 2010). "Chris Corrigan enjoying life in a slower lane". The Australian. Archived from the original on 3 September 2010. Retrieved 8 June 2012.
  6. ^ Qube Logistics (18 April 2011). "Qube to acquire DP World's Shareholding in P&O Trans Australia" (PDF) (Press release). Archived from the original (PDF) on 4 July 2022.
  7. ^ "Corrigan on fast track with $106m ports deal". The Australian. 19 April 2011.[dead link‍]
  8. ^ "Qube and POTA". Catch Point. No. 203. May 2011. p. 15.
  9. ^ "Qube takes over Independent Railways of Australia". Catch Point. No. 210. July 2012. p. 11.
  10. ^ Qube Holdings (18 August 2016). "Qube Brookfield consortium completes acquisition of Patrick" (PDF) (Press release). Archived from the original (PDF) on 26 April 2020.
  11. ^ a b Qube Holdings (8 September 2021). "Qube acquires export grain facility Newcastle Agri Terminal" (PDF) (Press release). Archived from the original (PDF) on 10 September 2021.
  12. ^ a b "Qube Holdings to buy Newcastle Agri Terminal for $90 million". Newcastle Herald. 9 September 2021. Archived from the original on 10 September 2021.
  13. ^ "Qube Continues Its Diversification and Growth Strategy with Two New Acquisitions" (PDF) (Press release). 1 May 2023. Archived from the original (PDF) on 1 June 2024.
  14. ^ "Qube acquires Kalari in $145 million dual deal". Big Rigs. 3 May 2023. Retrieved 15 February 2024.
  15. ^ Qube Holdings (10 November 2023). "Trading and Business Update" (PDF) (Press release). Archived from the original (PDF) on 1 June 2024.
  16. ^ https://qube.com.au/wp-content/uploads/2024/05/Qube-Enters-Into-Agreement-to-Acquire-MIRRAT.pdf. {{cite web}}: Missing or empty |title= (help)
  17. ^ "SCT confirmed for Bluescope steel east-west contract, Qube wins north-south work". Railway Digest. June 2020. p. 6.
  18. ^ "Moorebank Logistics Park". Qube Holdings. Archived from the original on 6 March 2020.
  19. ^ "Australia Wide Fleet List". Motive Power. No. 126. November 2019. p. 71.
  20. ^ "Qube expands regional rail capacity" (PDF). Qube Logistics (Press release). 7 June 2012. Archived from the original (PDF) on 1 June 2024.
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