Industry News

Qube provides wind farm transport, announces buy-back program

Qube Bulk, Ports and Logistics alongside LCR Renewables have commenced work on the Dulacca Wind Farm project logistics providing stevedoring, storage, container management, specialised transport and cranage services.

The first discharges for the project commenced this week with the LCR and Qube teams working together to provide integrated logistics services.

In total, there will be 43 wind turbine units and these turbines are some of the largest to ever arrive in Australia.

Dulacca Wind Farm Project is located between Dulacca and Drillham in Queensland’s Western Downs area, approximately 250km west of the city of Toowoomba.

The Dulacca wind farm is expected to have an operational life of 30 years.

Each of the 43 wind turbines will have a power generating capacity of 4.2MW and the 180MW wind farm will generate enough electricity to power 124,000 Queensland homes.

Meanwhile, as disclosed at Qube Holdings Limited’s half-year results on 24 February 2022, and following completion of the Moorebank Logistics Park transaction, Qube intends to return up to $400 million of capital to shareholders over the remainder of FY22.

Qube this week announced an off-market buy-back program of up to $400 million of Qube ordinary shares, conducted via a tender process.

“The completion of the sale of Moorebank Logistics Park, coupled with Qube’s strong financial performance in achieving record underlying earnings in FY21 and H1 FY22, have contributed to a strong capital position, allowing us to announce this off-market Buy-Back,” Qube Managing Director, Paul Digney said in a statement.

The Board having carefully considered how best to return capital to shareholders, according to Qube Chairman Allan Davies, saw to it that the off-market Buy-Back was the most effective method at this time to return significant value to all its shareholders while optimising its capital structure.

“It enables a higher number of Qube shares to be bought back in a shorter timeframe and it reduces our share count faster than an on-market buy-back of Qube shares,” said Davies.

“In turn, a lower capital base and share count supports Qube’s future earnings per share and dividends per share, all things being equal.”


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