Port Of Wilmington Expansion To Generate $600M In New Investment

Gulftainer will lease the Port of Wilmington from the state of Delaware, construct a new container shipping facility, and expand jobs at the port over the next decade, according to the agreement.


https://businessfacilities.com/2018/09/port-wilmington-expansion-generate-600m-new-investment/
Gulftainer will lease the Port of Wilmington from the state of Delaware, construct a new container shipping facility, and expand jobs at the port over the next decade, according to the agreement.
Facebooktwittergoogle_plusredditpinterestlinkedintumblrmail

Port Of Wilmington Expansion To Generate $600M In New Investment

Gulftainer will lease the Port of Wilmington from the state, construct a new container shipping facility, and expand jobs at the port over the next decade, according to an agreement signed earlier this month.

Port Of Wilmington Expansion To Generate $600M In New Investment

An agreement that will significantly expand the Port of Wilmington, create jobs, and lead to as much as $600 million of new investment at one of Delaware’s most important industrial sites has been finalized by Delaware Governor John Carney, the Diamond State Port Corporation, and GT USA Wilmington, LLC. The agreement with Gulftainer to lease the Port of Wilmington from the state, construct a new container shipping facility on the Delaware River, and significantly expand jobs at the port over the next decade was announced earlier this year.

Port of Wilmington Delaware
(Photo: Delaware.gov)

“This historic agreement will result in significant new investment in the Port of Wilmington, which has long been one of Delaware’s most important industrial job centers,” said Governor Carney. “For decades, jobs at the port have helped stabilize Delaware families and the communities where they live. I was proud to help make our partnership with Gulftainer official today, and I want to thank members of the General Assembly, the Diamond State Port Corporation, Gulftainer, the International Longshoremen’s Association, and all of our partners who have helped make this agreement a reality.”

Under terms of the agreement, Gulftainer’s subsidiary GT USA Wilmington, LLC will make annual royalty payments to the state of Delaware reaching an estimated $13 million over the next decade. The company plans to invest as much as $600 million in the port over the next decade, including approximately $410 million for a new container facility at DuPont’s former Edgemoor site, which was acquired by the Diamond State Port Corporation in 2016.

The agreement is expected to create thousands of new jobs.

“We are proud to be making this long-term commitment to the state of Delaware, its community and its economy,” said Badr Jafar, Chairman of Gulftainer’s Executive Board. “This landmark agreement builds on Gulftainer’s 43-year track record of delivering excellence and dependability in ports and logistics operations around the world, and will create thousands of new jobs, enhanced links and sustainable value for Wilmington and the state. We are confident that this public-private partnership will propel the Port of Wilmington towards becoming the principal gateway of the Eastern Seaboard.”

“This is truly a remarkable partnership for the State of Delaware, the City of Wilmington, our Port and the thousands of families whose livelihoods depend on this facility,” said Secretary of State Jeff Bullock, Chairman of the Diamond State Port Corporation. “The agreement signed today represents many months of very hard work on the part of many people, all of whom were dedicated to achieving a result that benefits all sides. It has been a privilege to be a part of this effort; I’m proud of the work we’ve done, and I’m excited for the future of this partnership and what it will mean for our state.”

“This is a great day for the State of Delaware,” said William Ashe, President of International Longshoremen’s Association Local 1694. “We’re strengthening the port and local job creation.”

“The UAE and U.S. have a strong, vibrant investment relationship that delivers meaningful and measurable benefits to businesses, and creates jobs in both countries,” said H.E. Yousef Al Otaiba, Ambassador of the United Arab Emirates to the United States. “Gulftainer’s investment in the Port of Wilmington is a perfect example of this important economic partnership. This deal will create new jobs in Wilmington, and generate additional economic benefits to other communities across Delaware.”

“This project is a win for everyone involved, creating increased trade capacity at the port, economic development for Delaware, growth opportunities for Gulftainer, and jobs for hardworking Americans,” said Ian Steff, Deputy Assistant Secretary for Manufacturing at the U.S. Department of Commerce. “We at SelectUSA and the International Trade Administration are proud to have supported this endeavor, and we look forward to seeing the partnership grow in the years to come.”

Relocating or Expanding Your Business In Delaware

Considering Delaware for your company’s relocation or expansion project? Check out Business Facilities’ Delaware Incentives and Workforce Development Guide.

Suggested Links:

You Might Like:

LEAVE A REPLY