PSA International completes acquisition of US Penn Terminals
Published originally on Seatrade-maritime.com September 2, 2019
Singapore’s PSA International (PSA) has completed the acquisition of multipurpose terminal Penn Terminals (Penn) on the eastern coast of the US from Macquarie Infrastructure Partners, a fund managed by Macquarie Infrastructure and Real Assets.
The transaction has been approved by the relevant regulatory authorities.
Located on the Delaware River, Penn is considered to be a well-equipped terminal with warehousing and stevedoring services. Penn is known industry wide for its reliability and efficiency in handling container, perishable, project, super sack, steel, pipes, forest products and other break-bulk cargoes.
“This acquisition represents PSA’s very first foray into the USA. We are committed to partnering the state of Pennsylvania, customers, staff and the local community, as well as key stakeholders to augment Penn’s capabilities and connectivity in order to better serve the needs of shippers and receivers in the greater US Mid-Atlantic region and beyond,” said Tan Chong Meng, group ceo of PSA International.
Penn has recently undergone a significant capacity upgrade with the addition of two new post-panamax ship-to-shore (STS) cranes in late 2018, bringing its total STS count to four.
Penn is also a key component of the perishable cargo handling infrastructure of the Delaware River with approximately 2,850,000 cubic feet (80,400 cubic meters) of on-dock reefer warehouse space. It is estimated that close to 40% of the US fruit imports come in via the Delaware River, which tallies to about 4 million tonnes per year.
In North America, PSA also operates Ashcroft Terminal, British Columbia’s largest inland port facility and Halterm Container Terminal, which is the only facility in Eastern Canada that can serve mega container vessels.