The third-largest terminal in the New York Harbour has unveiled plans to spend US$500 million to more than double the number of containers it can handle in the Newark port, a sign of the steadily rising traffic through New Jersey's ports, reported The Record.
Port Newark Container Terminal (PNCT) said it has signed a restructured, 20-year lease extension that will increase its presence in the port from about 225 acres to more than 300, said Michael Hassing, president and chief executive of Ports America, co-owner of the terminal. The agreement extends the lease to 2050.
The expansion will create 350 construction jobs and boost the company's onsite workforce from just over 1,000 to 1,450, Hassing said. By 2030, the terminal will be able to handle 1.1 million containers a year, compared with 414,000 today, he said.
The expansion comes amid several moves by the Port Authority, along with shifts in global trading patterns, that are expected to boost port traffic through New Jersey's ports.
They include the expansion of the Panama Canal, scheduled to be completed by 2014. In addition, dredging under way in New York Harbour and the raising of the Bayonne Bridge will enable New Jersey's ports to handle larger ships.
Port Newark Container Terminal (PNCT) said it has signed a restructured, 20-year lease extension that will increase its presence in the port from about 225 acres to more than 300, said Michael Hassing, president and chief executive of Ports America, co-owner of the terminal. The agreement extends the lease to 2050.
The expansion will create 350 construction jobs and boost the company's onsite workforce from just over 1,000 to 1,450, Hassing said. By 2030, the terminal will be able to handle 1.1 million containers a year, compared with 414,000 today, he said.
The expansion comes amid several moves by the Port Authority, along with shifts in global trading patterns, that are expected to boost port traffic through New Jersey's ports.
They include the expansion of the Panama Canal, scheduled to be completed by 2014. In addition, dredging under way in New York Harbour and the raising of the Bayonne Bridge will enable New Jersey's ports to handle larger ships.