Port Newark Container Terminal LLC (PNCT) has secured $298 million in bond proceeds that will be used to refinance existing debt and finance its future terminal development project.
The project will expand the terminal footprint by 17 percent to 309 acres and increase the terminal capacity to 1.3 million container lifts (2.3 million twenty-foot equivalent units or “TEU”).
This capital development program includes the expansion and improvement of the terminal yard and construction of a new gate facility, as well as upgrading, deepening and expanding berths.
“Additionally, PNCT has ordered four new gantry cranes capable of servicing ultra-large container vessels and will continue with the expansion of its straddle carrier fleet,” the company said in their release.
The terminal development project is expected to be completed by 2019.