GATEWAY New London has entered into 20-year agreement with the Connecticut Port Authority (CPA) to operate the State Pier at New Haven, Connecticut, reports American Shipper
GATEWAY New London has entered into 20-year agreement with the Connecticut Port Authority (CPA) to operate the State Pier at New Haven, Connecticut, reports American Shipper. The deal that takes effect May 1, requires that the port authority be paid an annual fixed fee of US$500,000, increasing by $250,000 every five years.
The CPA also will receive a variable fee of seven per cent of Gateway's gross revenues at State Pier, with a minimum annual guarantee of $500,000, which has the potential to increase every five years based on Gateway's percentage increase in gross revenues.
Gateway Terminal is a privately held Connecticut-based company, started in 1985 by its president, Larry Smith. It's the largest marine terminal operator in Connecticut, currently managing five terminals on 75 acres in and around the Port of New Haven.
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