New York Container Terminal extends lease to 2029

   Global Container Terminals said its New York Container Terminal (NYCT) on Staten Island in New York has entered into an extension of its lease agreement with the Port Authority of New York and New Jersey through the end of 2029.
    Global said the port authority has agreed to certain improvements to road conditions that will be completed by 2015 and that a Bridge Toll Credit Program for all trucks serving the terminal for container pick-up or delivery will be introduced.
    The program will reimburse to the truck company via their EZ Pass account a significant proportion of the tolls presently paid to access the terminal via Port Authority bridges.
    “With the toll program soon to be in place, NYCT will be in a much better position to compete for business within the harbor,” said Jim Devine, president and chief executive officer of NYCT.
    “Today’s lease extension builds on a long-term commitment by the Port Authority to Howland Hook and Staten Island,” said Port Authority Executive Director Pat Foye. “Over the past 13 years, the agency has invested more than $375 million to enhance facility infrastructure — including its on-dock ExpressRail facility — and ensure the continued vitality of New York Container Terminal and retention and creation of jobs in Staten Island.”
    Funding of $15 million for NYCT was also approved by Empire State Development’s (ESD) Board of Directors on July 18th for continued capital investment by the terminal and confirmed employment on Staten Island.
    New York Container Terminal is one of four container terminals under GCT Global Container Terminals Inc. (GCT). These include the Global Container Terminal in Bayonne, N.J., and two terminals in Vancouver, British Columbia. GCT is a wholly-owned subsidiary of the Ontario Teachers’ Pension Plan. – Chris Dupin