Ports America Ups West Coast Investment
Ports America is continuing its business growth strategy to increase its West Coast presence through additional investments, services and expansion of its terminal capacity. The latest transaction includes a significant expansion and 20-year lease extension of the Husky Terminal in Tacoma, Wash.
International Transportation Service, Inc. (ITS), a joint venture between Ports America and "K" Line, negotiated an extension of its Husky lease with the Northwest Seaport Alliance (NWSA) through 2046. Ports America is an equity holder and service provider to Husky Terminal. Included in the lease extension is a planned expansion project of more than $141 million approved by the NWSA, which will enhance the terminal’s capacity and is expected to be completed by July 2018.
Husky Terminal’s enhancements will provide the terminal with approximately 104 acres of leased and preferential berthing area in this major gate port in the U.S. Pacific Northwest. Additionally, NWSA has agreed to order four of the largest, most modern gantry cranes and to complete yard and gate improvements. Upon completion, the newly-designed Husky Terminal will be capable of simultaneously accommodating two 18,000-TEU mega-container vessels.
Ports America is a 30-percent owner of ITS, with the remaining interest owned by “K” Line. ITS has been operating container terminals for 40 years in the ports of Long Beach (Calif.) and Tacoma, providing services to shipping lines including "K" Line.
