International Finance

Gulftainer signs 50-year agreement to enhance the Port of Wilmington

Gulftainer, Delaware River, cargo terminals, Diamond State Port Corporation Board, Delaware General Assembly, UAE, marine ports
Within the next month, the Diamond State Port Corporation Board and the Delaware General Assembly are said to approve the terms of agreement

UAE-based global port operator Gulftainer announced its subsidiary GT USA has signed an agreement with the State of Delaware to take charge of the Port of Wilmington for 50 years.

As part of the agreement, Gulftainer will receive access to one of the significant marine ports in the US, reported Arabian Business.

John Carney, Governor of Delaware, said: “With Gulftainer’s proposal, we have an opportunity to develop the overall infrastructure and potential of the port, which can lead to a direct and significant impact on our economy as a whole.”

In the next nine years, the operator plans to invest US$580mn in the port. Of the investment US$410mn for a new 1.2mn TEU container facility at DuPont’s former Edgemoor site acquired by the Diamond State Port Corporation in 2016.

Wilmington Port began its operations in 1923 as the first major port on the Delaware River. Gulftainer will develop the cargo terminals’ capabilities and boost the productivity of the port during its period.

What's New

Start-up of the Week: The ‘Zipline’ way of serving humanity through drone-powered logistics

IFM Correspondent

Enservco’s acquisition of Buckshot Trucking: All you need to know

IFM Correspondent

Start-up of the Week: The ‘Neo’ way of ensuring last-mile mobility management

IFM Correspondent

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.