GLOBAL CONTAINER TERMINALS UNVEILS PLAN TO OPEN A NEW CHAPTER IN DEVELOPMENT OF THE PORT OF NEW YORK & NEW JERSEY

News Release Global Container Service (GCS) Ltd May 11, 2012

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New container handling
technology will create jobs and improve port competitiveness, while securing
long-term economic benefits for the region 
<DIV>Additional details and video available at
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BAYONNE,
NJ (May 9, 2012) --- Global Container Terminals Inc., a
leading North American marine terminal operator with facilities on both
coasts, today unveiled final plans for a multi-million dollar
expansion project to develop a 70-acre technologically advanced container
terminal on the Bayonne, NJ, waterfront. When complete, Global Terminal at
Port Jersey will be the most advanced marine terminal in the Port of New
York and New Jersey.
 
The expanded
facility, scheduled to open in 2014, will improve the competitiveness of
the Port of New York and New Jersey with a world-class terminal designed
to handle the largest container vessels at greater throughput density per
acre. New container handling technology will achieve higher efficiency
while improving safety and security for the International Longshoremen's
Association (ILA), AFL-CIO workforce. 
 
"The new Global
development project, in addition to the many improvements currently
underway, clearly demonstrates a long-term commitment from the Port
Authority of New York and New Jersey to protect the port's preeminent
position as a critical U.S. gateway for global commerce," said James
Devine, President and CEO, Global Container Terminals USA. 
 
The Port Authority
acquired the land for the project adjoining Global's existing facility in
2007, ensuring that scarce waterfront property would be used for
waterfront business. A new shared gate configuration on the Port Jersey
peninsula for both the existing Global facility and the new expansion area
will increase trucking efficiency while mitigating potential environmental
impact. In addition, Global Terminal will offer seamless intermodal rail
connections via the adjacent redeveloped Greenville rail transfer
facility.
 
From the start, the
Global project will create significant employment opportunity through both
the construction phase and operation of the facility. ILA labor will
continue to be used at the existing Global facility as well as the new
expansion area. "We anticipate adding more advanced job opportunities as
we improve the competitiveness and throughput of the port," said Mr.
Devine. "We will provide the training as well as the job opportunities for
ILA workers to transition into the next generation of container handling.
At Global and at New York Container Terminal in Staten Island, we want to
continue building a vibrant working waterfront in the Port of New York and
New Jersey."
 
Both the existing
Global Terminal and the expansion area are situated on New York Bay, ahead
of the entrance to the Kill Van Kull. Ships calling at Global do not
transit under the Bayonne Bridge, eliminating air draft limitations. With
50 feet of water depth at its new berths, Global Terminal will be able to
handle the largest container vessels in the world. The terminal will have
total capacity to move 1.7 million twenty-foot equivalent units (TEU) per
year, making it one of the most efficient port terminals in the country
based on throughput density per acre.
 
"Our expanded Global
Terminal facility will come on line precisely in time to help meet the
demands of larger vessels transiting the Suez Canal and new wider Panama
Canal," said Mr. Devine. "Since the earliest days of this country, the
bi-state port has been the engine that drives the region. We plan to be a
very important piston in that engine going into the future." 
 
Global Terminal sits
on a small footprint in the shadow of the Statue of Liberty in a region
that accounted for significant industrial growth in the 20th century. Mr.
Devine said: "We are not the largest international marine terminal in the
bi-state port, but our impact will be great as we bring the 21st century
technology here. This is American ingenuity at its finest-government and
private interests working together to develop an international terminal
that will be a safe haven for longshoremen, an employment engine for the
region, and a green gateway for cargo moving to and from the United States
and the world."
 
The terminal
development project is expected to create construction-related jobs over
the next three years. It will generate new high-technology longshoremen
positions and contribute significantly to the more than $6.4 billion in
additional personal and business income the port is expected to generate
from capital investments through 2017. In 2010, the New York-New Jersey
Port Industry supported 170,770 direct jobs, 279,200 total jobs in the New
York/New Jersey region, about $11.6 billion in annual personal income and
$37.1 billion in annual business income.Port-related construction and
investment activity since 2006 has supported 15,800 direct jobs, 27,500
jobs across the region, about $1.3 billion in personal income and more
than $2.9 billion in business income.1
 
Additional information
about the project, the port and its impact on the regional economy can be
found at <A style="COLOR: blue; TEXT-DECORATION: underline"
href="redir.aspx?C=978940b980b04a0db959903d5f61bd7b&URL=http%3a%2f%2fr20.rs6.net%2ftn.jsp%3fe%3d001FvkVUhLKbegI4-RAbF6es9qL7JcaCuPtXVqwGHNj4otspcceUyiFbaFOZjZQ8liGlRBooPryk1fVUeeE1SHcj6o_y_G_KsssGYR-BmGwRX_sZv6XHvjr_A%3d%3d"
shape=rect target=_blank>www.futureglobalnynj.com</A>.
 
New Terminal
Technology
The Global Terminal
at Port Jersey will be among the most advanced container terminals in
North America upon completion in 2014. Using new technology and equipment,
port workers will unload shipping containers from the largest container
vessels in the world and seamlessly transfer them into grounded stacks
arranged on the diagonal for maximum capacity. Massive rail-mounted gantry
cranes (RMGs) will sort the container stacks to optimize productivity
linking quay-side crane operations with land-side connections to truck and
rail transportation. Ten container stacks will be serviced by 20 new RMGs.
Each container stack is capable of storing 1,665 TEU, including plugs for
refrigerated equipment. The entire terminal is designed based on industry
best practices for gate operations, supply chain security, regulatory
inspections, trucking efficiency, near-dock rail connections, yard
management, terminal operating systems, environmental mitigation and
safety.
 
The new gate
facilities at Global Terminal will be expanded to 29 lanes from 16 lanes.
Gate operations will utilize the latest technology to speed approved
trucks through the entry and exit gates, while providing maximum security
and optimal routing while in the terminal. The Port Authority of New York
and New Jersey is developing the adjacent Greenville rail yard north of
Global Terminal into a fully modern intermodal rail transfer facility
capable of working 32 five-well rail cars on eight working tracks. The
facility will have annual capacity of 250,000 lifts to speed containers
via rail to and from interior U.S. destinations, playing a key role in
keeping the Port of New York and New Jersey competitive versus other
Atlantic Coast ports serving the U.S. Midwest, Southern and Canadian
destinations. This new rail yard will provide additional work
opportunities for members of the
ILA.</TD></TR></TBODY></TABLE></DIV></BODY></HTML>