The Maryland Port Administration has taken the first step toward leasing the Seagirt Marine Terminal to a private company that would spend more than US$100 million to expand the terminal and then run it, the Baltimore Sun reported.
The agency has agreed to hire a Florida-based consulting firm to identify possible bidders willing to spend $100 million to $120 million to expand Seagirt's capacity and then manage the terminal under a long-term lease with the state.
The money is needed to build berths with a depth of 50 feet to accommodate the larger container ships that are expected to dominate world commerce after the widening and deepening of the Panama Canal is completed in 2014.
The agency has agreed to hire a Florida-based consulting firm to identify possible bidders willing to spend $100 million to $120 million to expand Seagirt's capacity and then manage the terminal under a long-term lease with the state.
The money is needed to build berths with a depth of 50 feet to accommodate the larger container ships that are expected to dominate world commerce after the widening and deepening of the Panama Canal is completed in 2014.