Port NOLA, Kearney Companies ink 10-year lease agreement

Port NOLA, The Kearney Companies ink 10-year lease agreement

The Port of New Orleans (Port NOLA) has announced a new 10-year lease arrangement with The Kearney Companies, a subsidiary of Precision Terminal Logistics (PTL).

This new lease marks a significant milestone in the longstanding relationship between Port NOLA, The Kearney Companies, and the New Orleans Public Belt Railroad (NOPB), which provides rail service to its facilities and connection to all six Class 1 Railroads (BNSF, CPKCS, CN, CSX, NS and UP).

The new, 10-year, consolidated lease agreement will allow The Kearney Companies to grow and invest in properties that have been continually leased for the last 20 years.

The leased facilities include four rail-served transit sheds and a rail-served storage facility which The Kearney Companies originally leased and refurbished significantly in 2016.

“Our longstanding partnership with The Kearney Companies is a prime example of how Port NOLA delivers seamless, integrated logistics solutions between river, rail and road,” said Brandy D. Christian, President and CEO of the Port of New Orleans and CEO of the New Orleans Public Belt Railroad.

“We appreciate the continued commitment of The Kearney Companies and PTL and look forward to strengthening our partnership in future endeavors.”

As a requirement in the new lease, The Kearney Companies is committed to making capital investments through Port NOLA-approved facility improvements.

READ: Port NOLA sets record for container-on-barge moves

“Our longstanding partnership with the Port of New Orleans has been a great success story that we are very proud of as a local company with many ties to the Louisiana port community,” added David Kearney, President of The Kearney Companies.

“The real success of this partnership with Port NOLA, however, is measured in terms of the competitive advantages we enable for each specific shipper’s supply chain and the sustainable jobs that we create in this process of using these terminals to support these customers’ various logistical needs.

Earlier this year, the Port of New Orleans (Port NOLA) Board of Commissioners (The Board) passed two resolutions to expedite the St. Bernard Transportation Corridor.

More recently, the Port of New Orleans (Port NOLA) received an additional $226 million in federal grant to assist the development of the Louisiana International Terminal (LIT).

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