2018 January 12 17:36

Port Newark Container Terminal LLC (PNCT) achieves successful financing

Port Newark Container Terminal LLC (PNCT) successfully  closed on a  tax - exempt bond  transaction  on Dec . 28, 2017. PNCT  secured $298 million in bond proceeds  that  will be used to refinance existing debt and  finance  its future terminal development  project, the company said in its press release.

The  project will expand the terminal footprint by 17 percent to 309 acres and increase the terminal capacity to  1.3 million container lifts (2.3 million twenty - foot equivalent unit s or "TEU").  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  approximately 20 percent of the container volume in the Port  of New York and New Jersey. PNCT currently operates within a 263 - acre footprint with a capacity of 850,000 container s (1.49  million  TEU) with exclusive on - dock rail operations.