Singapore's PSA International purchases its first US container terminal
SINGAPORE's PSA International has secured its first terminal facility in the US, with Penn Terminals on the Delaware River, reports Port Strategy of Fareham, Hampshire
SINGAPORE's PSA International has secured its first terminal facility in the US, with Penn Terminals on the Delaware River, reports Port Strategy of Fareham, Hampshire.
One of the world's leading port operators, PSA International has a network of over 50 coastal, rail and inland terminals in 18 countries, having handled 81 million TEU last year, an increase of 9.1 per cent over 2017
PSA Singapore terminals alone contributing 36.3 million TEU and the operations outside Singapore collectively providing almost 44.7 million TEU.
Despite the global footprint, it is only in 2019 that the company finally secured marine assets in North America, having purchased Halterm at the Port of Halifax and Penn Terminals on the Delaware River.
The acquisition of Penn Terminals and Halterm were from investment fund Macquarie Infrastructure and Real Assets (MIRA) has been approved by the necessary regulatory authorities in the US, although the global operator has also recently bought into the large-scale inland port facility, Ashcroft Terminal, in British Columbia.
Penn Terminals is on a 32ha site and currently handles 200,000 TEU a year, with an annual container capacity 425,000 TEU.
In addition, 200,000 tonnes of breakbulk cargo a year is handled, with facilities served by intermodal operators Norfolk Southern and CSX. Recent investment at Penn Terminals has been undertaken to increase capacity and operating efficiencies, with the addition of two new Post-Panamax cranes bringing the total available to four.
Aside from gaining its first terminal operation in the US, the appeal of Penn Terminals is its location and ability to serve the localised specialist markets.
The geographic positioning on the Delaware River offers access to the surrounding logistics clusters that focus on perishable supply chains.
With 2.85 million square feet totalling 80,400 cubic metres of on-dock reefer warehouse space, Penn Terminals can play an important role in helping to service the estimated 40 per cent of US fruit imports, an estimated four million tonnes per annum, that enter the country in the competitive Philadelphia area.
PSA endorsed the potential by confirming that there are more than 40 refrigerated warehousing and logistics operators supporting the chilled and frozen foodstuffs industries 'within one hour's drive' from the Delaware Port complex it now operates.
It does mean that the main competitors for cargo are Packer Avenue Marine Terminal, which is the largest container handling facility on the Delaware River and the Port of Wilmington, which now has Gulfport as the new concession holder.