US ports are speeding up cargo terminal developments as Asian economies come back to life and more trade begins to flow to and from Latin America.
Taking a long term look at the potential, P&O Ports has opted to take part in the action. At the end of last month, the Australia-based, international terminal operator announced it was acquiring two operators on the Mississippi River, Transocean Terminal Operators and New Orleans Marine Contractors, both owned by Gulf Services Inc. Terms of the deal have not been disclosed, but a cash transaction is expected to be completed by late April.
Last year P&O Ports, in the first move by its new US office in New Jersey, made an agreement to acquire ITO with operations at many leading USEC range and Gulf coast ports, including New Orleans. The new deal will make P&O Ports...
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Approx 900 words from WorldCargo News, March 2000,
page 33.
