NYK Takes Over Stake in Maher Terminals
- Business & Finance
NYK Ports, a subsidiary of Japanese shipping company Nippon Yusen Kabushiki Kaisha (NYK), has acquired a 20 percent share in the US-based terminal operator Maher Terminals, which operates a terminal in the Port of New York and New Jersey.
NYK said it made the decision to invest in Maher Terminals together with Macquarie Infrastructure Partners III (MIP III), a closed end fund that focuses on investments in infrastructure and related assets in the US and Canada.
Maher is the largest terminal in the Port of New York and New Jersey with a handling capacity of 3 million TEUs annually.
Once the construction to raise the Bayonne Bridge’s clearance is completed in late 2017, the terminal will be able to accommodate containerships carrying up to 14,000 TEUs, according to NYK.
“Growth in demand is anticipated as traffic bound for the East Coast through the Suez Canal rises as manufacturing shifts from China to South East Asia, and as larger ships destined for the East Coast make use of the expanded Panama Canal,” the company said.
The investment is said to be in accordance with NYK’s medium-term management plan ”More Than Shipping 2018,” as the company aims “to strengthen its global network and improve synergy between terminals and containerships.”