Federal Maritime Commission OKs joint venture at Port of San Juan
The Federal Maritime Commission has approved an agreement allowing Luis A. Ayala Colón and Puerto Rico Terminals (PRT), an affiliate of Tote Maritime, to form Puerto Nuevo Terminals (PNT) to operate a marine terminal and provide container stevedoring, terminal and related services in the Port of San Juan.
“This agreement will allow the parties to more efficiently leverage existing assets, as well as planned, private investments in infrastructure and technology to better serve carriers, shippers, truck drivers and other port users,” the companies said in a joint statement.
“Additionally, it will provide carriers a modern and well-maintained terminal at the Port of San Juan, delivering significant benefits to Puerto Rico’s consumers and businesses,” they added.
According to the Federal Maritime Commission, the agreement between the parties will continue indefinitely unless otherwise terminated.
“Consistent with its regulatory responsibilities, the Federal Maritime Commission will monitor this joint venture, which will share assets and planned investments that are essential to maintaining reliable and competitive service for domestic and international trade at the Port of San Juan for decades to come,” the companies said in the statement.
“We look forward to continuing to fully cooperate with the FMC, and to working with relevant stakeholders, as the PNT agreement is implemented,” they added.
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