PNCT Secures Financing for Expansion Works

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).

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >

Electric & Hybrid Marine World Expo Conference 2019

Electric & Hybrid Marine World Expo Conference is the world’s only international conference…

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >