Port Newark Container Terminal (PNCT) has secured USD 298 million in bond proceeds that will be used to refinance existing debt and finance its future terminal development project.
The company, which closed on a tax-exempt bond transaction on December 28, 2017, plans to expand the terminal footprint by 17 percent to 309 acres and increase the terminal capacity to 1.3 million container lifts to handle 2.3 million TEUs.
The project includes the expansion and improvement of the terminal yard and construction of a new gate facility, as well as upgrading, deepening and expanding berths.
Additionally, PNCT has ordered four new gantry cranes capable of servicing ultra-large container vessels and will continue with the expansion of its straddle carrier fleet. The terminal development project is expected to be completed by 2019.
PNCT is an integrated marine terminal operator and stevedore company that currently handles some 20 percent of the container volume in the Port of New York and New Jersey.
The terminal operates within a 263-acre footprint with a capacity of 850,000 containers (1.49 million TEU).