Execution of Storage & Handling Agreement
Sydney, July 5, 2024 AEST (ABN Newswire) - Sugar Terminals Limited (
NSX:SUG) has announced that Queensland Sugar Limited (QSL) has executed the 2022 Storage and Handling Agreement (SHA) STL Chair Mark Gray said he was pleased that QSL, a valued customer of STL, had now executed the 2022 SHA on identical terms as all of STL's other Raw Sugar customers and that all monies outstanding had been paid in full.
Mr Gray added that STL had been actively engaging with QSL and the relevant Millers to reach a suitable outcome for an extended period. Throughout this time, STL had continued to provide the full range of storage and handling services to QSL in order to ensure that at no stage was there any disruption to the broader Raw Sugar Industry.
STL emphasises the importance of these industry assets in the supply chain, and our clear focus remains on the safe, efficient and reliable operations of all Bulk Sugar Terminals to service the needs of all Customers.
About Sugar Terminals Limited
Sugar Terminals Limited (NSX:SUG) (STL) owns and operates six bulk commodity terminals in Queensland and plays a vital role in Australia's sugar market, handling over 90% of the raw sugar produced in Australia each year. STL's terminals provide 2.5 million tonnes of storage capacity and handle more than 4.6 million tonnes of commodities each year. In addition to around 4 million tonnes of bulk sugar, STL also handles more than half a million tonnes of other commodities annually, including molasses, wood pellets, gypsum and silica sands. STL has over $350 million in assets in strategic port locations across Queensland. We have in place 100 year leases with the port authorities at each of our six terminals. These leases include rolling options to extend for a further 100 year period.
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