SINGAPORE: PSA International said on Monday (Sep 2) it has completed the acquisition of Penn Terminals located on the Delaware River in Pennsylvania, marking its first foray into the US.
The acquisition from Macquarie Infrastructure Partners followed formal approval by authorities, Singapore’s port operator said in a news release.
PSA described Penn Terminals as “one of the best-equipped, privately owned multipurpose marine terminals on the eastern coast of the USA”.
Penn Terminals is a key component of the perishable cargo handling infrastructure of the Delaware River, with about 2.85 million cubic feet of on-dock reefer warehouse space, according to PSA.
An estimated 40 per cent of the US' fruit imports, or around 4 million tonnes a year, come in through the Delaware River.
PSA chief executive Tan Chong Meng said: “We are delighted to embrace Penn as the newest member of the global PSA family and to be able to participate in its continued growth and expansion.
“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.”
The Delaware River’s key advantage is its existing cold chain ecosystem, fulfilling importers’ need for inspection, sorting and quality checking of fresh fruit produce, prior to transport to their final destinations, said Singapore’s port operator.
“Within an hour’s drive from the Delaware River port complex, there are around 40 other refrigerated warehouses/logistics operators who deal in chilled and frozen cargoes. This existing cold chain infrastructure is not easily replicated, either in scope or level of efficiency,” PSA added.
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.