Ports America Chesapeake (PAC), a subsidiary of Ports America has successfully closed on a 50-year lease and concession agreement to operate the Seagirt Marine Terminal (Seagirt) in the Port of Baltimore. The concession was approved by the Maryland Board of Public Works on December 16, 2009.
The agreement provides more than $1.3 billion in value to the state, will create 5,700 jobs, and deliver more than $15 million annually in new tax revenues. Perhaps as important, as part of the deal PAC will provide 100 percent of the funding to implement the Maryland Port Administration's (MPA) long-standing vision and commitment to make Baltimore one of only two eastern ports capable of handling the large "Super Post Panamax" container ships that will begin calling the East Coast upon the completion of the Panama Canal widening project in 2014.
"I share Gov. Martin O'Malley's passion for the Port of Baltimore, and creating high quality jobs so critical to the Port's future and Maryland's competitiveness on the Atlantic seaboard," says Christopher Lee, founder and managing partner of Highstar Capital.
"Baltimore is one of the best, most efficient ports in the country," he continues. "I'm very proud to be a partner with the State of Maryland and look forward to our long association in making sure Baltimore maintains its great maritime heritage."
"We're proud and excited to work with the Maryland Port Administration, the International Longshoremen's Association, and all our ocean carrier customers, including Mediterranean Shipping Company and Evergreen, to help make this historic American port the most competitive facility on the East Coast," adds Ports America Chesapeake CEO Mark Montgomery.
Ports America is the largest independent American terminal operator and stevedore, with operations in 44 ports and 84 terminals. Ports America and its predecessor companies have served in the Port of Baltimore for over 88 years and have operated Seagirt since it was opened in 1990. Ports America Chesapeake is the newly formed affiliate of Ports America that will be the day-to-day operator of Seagirt.
Source: Ports America Chesapeake
Writer: Walaika Haskins