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P&O Nedlloyd and P&O Ports joined forces to become the newest terminal operator in the Port of New York and New Jersey. The new joint venture company - Port Newark Container Terminal LLC (PNCT) - signed a 30-year lease with the Port Authority of New York and New Jersey to operate a 158-acre container terminal in Port Newark, New Jersey.
The first $150 million phase of redevelopment will include: strengthening and deepening berths to accommodate super post-Panamax vessels; deployment of state-of-the-art cranes and straddle carriers; and the installation of terminal management systems.
The redevelopment program is to commence in December 2000 and be substantially completed by the end of 2001. When fully developed, PNCT is to have the capacity to handle one million containers (measured in 20-foot equivalent units) with 4,400 feet of wharf and nearly 158 acres of associated yard space.
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