PSA wraps up acquisition of Penn Terminals on Delaware River
SINGAPORE's PSA International has finished the acquisition of Penn Terminals, a multipurpose terminal located on the Delaware River, from Macquarie Infrastructure Partners, after gaining the relevant regulatory approval
04 September 2019 - 19:00
Penn has been providing terminal, warehousing and stevedoring services since 1986. The company is able to handle containers, perishables, project cargo, super sack, steel, pipes, forest products and other break-bulk cargoes.
'This acquisition represents PSA's very first foray into the USA. We are delighted to embrace Penn as the newest member of the global PSA family and to be able to participate in its continued growth and expansion,' said PSA International CEO Tan Chong Meng.
'We are committed to partnering the state of Pennsylvania, customers, staff and the local community, as well as key stakeholders to augment Penn's capabilities and connectivity in order to better serve the needs of shippers and receivers in the greater US mid-Atlantic region and beyond.'
Penn added two new post-panamax ship-to-shore (STS) cranes in late 2018, bringing its total STS count to four. The company is also a key component of the perishable cargo-handling infrastructure of the Delaware River with 80,400 cubic metres of on-dock reefer warehouse space.
It is estimated that 40 per cent of the US' fruit imports come in via the Delaware River, which tallies to four million tons per year.
Within an hour's drive from the Delaware River port complex, there are 40 other refrigerated warehouses/logistics operators who deal in chilled and frozen cargoes.
'This existing cold chain infrastructure is not easily replicated, either in scope or level of efficiency. Penn remains a proud partner in the cold chain infrastructure of the eastern USA,' it said in a statement.
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