Plans to build new container terminal at Edgemoor facility with 1.2 million TEU capacity; US$ 580mn in planned investment
Privately-owned independent port operator Gulftainer has announced that its subsidiary GT USA has inked an agreement on terms with the State of Delaware, USA, which would grant GT USA exclusive rights to operate and develop the Port of Wilmington for 50 years.
GT USA’s concession includes the full management and development of the Port’s existing container volumes of 350,000 TEUs per year, which is forecasted to more than double in the years to come as a consequence of this deal.
Over the next nine years, Gulftainer is planning to invest $580 million in the port, including approximately $410 million for a new 1.2 million TEU container facility at the Edgemoor site.
“With Gulftainer’s proposal, we have an opportunity to develop the overall infrastructure and potential of the port, which can lead to a direct and significant impact on our economy as a whole,” emphasized John Carney, Governor of Delaware.
“Gulftainer looks forward to be given the opportunity to work closely with the State of Delaware authorities to achieve significant enhancement across the board, from infrastructure development and capacity building to creating overall economic growth,” said Badr Jafar, CEO of Crescent Enterprises and Chairman of Gulftainer’s Executive Board.
“With projected volume growth more than doubling in under a decade, doubling the revenue to Delaware state, a brand-new terminal at Edgemoor and a possibility to create around 12,000 jobs, this project is likely to become one of the biggest success stories in the US ports sector,” enthused Peter Richards, Group CEO of Gulftainer in prepared remarks.
