Finance: Galveston, Port Newark Container Terminal
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Port of Galveston Receives Highest Award for Financial Reporting
The Board of Trustees of the Port of Galveston was recently awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA) for its comprehensive 2016 annual financial report.
The certificate is awarded to the individual, department or agency designated to prepare the comprehensive annual financial report for a government unit. The award will be presented to Mark Murchison, the port’s Finance Director and the Financial Reporting Group at the Board of Trustees January 30, 2018 meeting.
The port has received this achievement award for 23 consecutive years. "This award is a testament to the continued hard work and dedication of an exceptional finance team. I'm proud of our team and recognize the department's commitment to the highest principals in government accounting, " said Peter Simons, Interim Port Director.
Port Newark Container Terminal LLC (PNCT) Achieves Successful Financing
Port Newark Container Terminal LLC (PNCT) successfully closed on a tax-exempt bond transaction on Dec. 28, 2017. PNCT 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").
The project 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 terminal development project is expected to be completed by 2019.
PNCT is an integrated marine terminal operator and stevedore company that currently handles approximately 20 percent of the container volume in the Port of New York and New Jersey. PNCT currently operates within a 263-acre footprint with a capacity of 850,000 containers (1.49 million TEU) with exclusive on-dock rail operations.
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