We continue to invest in our portfolio for future growth. Over the course of 2013, we spent $1,063 million in capital expenditure, predominately at our greenfield DP World London Gateway port and logistics park project in the UK, Embraport in Brazil and the expansion of our flagship Jebel Ali facility in the UAE.
These projects, consistent with the overall nature of our portfolio, are long-term investments, with the life of our concessions averaging approximately 40 years. Our strong cash flows and solid balance sheet mean we are well placed to invest today to meet the long-term needs of our customers, whether it is in developed markets requiring increased efficiencies or the capability to handle the increasing size of vessels, or in developing markets requiring increased port capacity to meet demand or updated infrastructure.
In the developed markets we have invested in the DP World London Gateway port, which offers a state-of-the art facility to meet the future demands of the industry. In short, our port provides the most efficient link between deep-sea shipping and the largest consumer market in the UK. We are seeing an increasing number of shipping lines calling at our facility and since the turn of the year, we have had eight unscheduled calls at the DP World London Gateway port, including an Asia-Europe service, as our port was less impacted by adverse weather due to its sheltered location.
In faster growing markets we have invested in the largest multi-modal terminal in Brazil (Embraport), which is in the port of Santos, 80 kilometres away from Sao Paulo, the country’s most populous city. Our terminal has seen encouraging demand since opening as the growth of the middle class population in Brazil and wider region continues to drive demand for containerised goods.
In 2014, we look forward to adding further capacity at Jebel Ali (UAE) and Rotterdam (the Netherlands). We are making good progress with Terminal 3 Jebel Ali and it remains on track to deliver four million TEU of additional capacity. Rotterdam is on schedule to open in the second half of 2014.
Alongside investing for the sustainable growth of our business, we also continually review our portfolio, disposing of or monetising assets where it makes strategic sense to do so. In 2013, we monetised some of our Hong Kong assets at attractive multiples, which subsequently reduced leverage and enabled the recycling of capital into markets that offer the potential to generate higher returns.