By the late 1970s the South End Container Terminal was operating at capacity, handling more tonnage than any other container terminal in Canada. A second container terminal at Fairview Cove was therefore built at a cost of $47 million and opened in 1982. It was originally a single-berth facility, and operations were contracted out to Cerescorp Inc. The terminal has since been expanded. In 2003, Ceres (now a subsidiary of Nippon Yusen) successfully bid on a continued operations contract, effective January 1, 2003 for 20 years.