The Port of Prince Rupert is on track for yet another record year in 2020, despite the COVID-19 pandemic that has disrupted the global economy. Navigating the COVID-19 crisis and its impact on the container business has been challenging, but the Prince Rupert Gateway has remained resilient during the pandemic due to the diligent response and coordinated effort of labor, each of our terminals including DP World Prince Rupert, Canadian National (CN), and all port partners, who remain committed to ensuring minimal disruption to the supply chains that anchor international trade and recognize their respective roles in ensuring essential supplies continue to be delivered.
We continue to strengthen our commitment to sustainability and mitigating the environmental impacts of the Port of Prince Rupert. This year marks our 10th consecutive year participating in Green Marine, and our most recent verification recognizes that we continue to be a top port in North America in exceeding our regulatory environmental requirements. Initiatives like our Green Wave Program, which offers financial incentives to marine carriers, and the reintroduction of shore power at our gateway are only two examples of the many ways we support decarbonization and greenhouse gas emission reduction.
We continue to work to inject value and innovation into supply chains, and a significant amount of work is being done to add both import and export logistics capacities and capabilities not only to support the growth and expansion at DP World’s Fairview Terminal, but to ensure we have innovative and value-added solutions for our customers. We continue to diversify our gateway and are working to advance projects like the Vopak Pacific Canada project, a bulk liquids tank storage and marine loading facility. Together these projects represent almost $2 billion in capital expansion over the next three years.
The biggest challenge facing the shipping industry in 2021 is market uncertainty, and we continue to focus on the long-term market outlook rather than the short-term impacts of the COVID-19 crisis. The Port of Prince Rupert is working to ensure that our gateway has sufficient capacity for the next decade and beyond, via not only the expansion of Fairview Terminal to 2M TEUs but also further development and expansion of the Prince Rupert Gateway’s entire intermodal ecosystem.