Let me start by giving a little bit of background on Melford. Melford is not a PowerPoint presentation and an idea. We've been working at this for over a decade. We've secured the land through a land acquisition process in which we acquired 106 parcels of land from 66 different landowners. We've done all of the design, the engineering and the permitting. We're ready to start construction. That being said, being able to build that land assembly has created the opportunity for an efficient terminal with a very large footprint that can be constructed on the deepest water on the east coast of North America. Having that deepwater big-ship capacity allows us to go to shipping lines and be able to offer that capability.
When I was CFO at Halterm—I'm dating myself; I looked it up this morning—30 years ago, Maersk brought the Regina Maersk into Halifax to demonstrate that ships are getting bigger. It wasn't that they were going to come but that they were there now and that they were only going to get bigger. It was “get your act together because we need infrastructure to support them”. That was 30 years ago.
On the west coast, with the development of Deltaport and now, I hear, T2 in Prince Rupert, we've seen market share grow by 300%.
On the east coast, we haven't had that same type of new build or new infrastructure built. Melford creates the opportunity to reverse that trend.