New York based private equity firms Alinda Capital Partners and Highstar Capital are set to battle it out to invest in the building of a 50-foot berth and increasing the container volume at Baltimore’s Seagirt Marine Terminal.
Seagirt Marine Terminal
Alinda Capital Partners and its joint venture partner Ceres Terminals and Highstar Capital with Ports America, have been chosen as potential partners for the Maryland Port Administration (MPA) to enter a public-private partnership to expand the port, according to a report by The Journal of Commerce.
The request for bids was issued on 15 April and the deadline was set for 4 June. The next round of bids is expected to be submitted before 4 September.
Under the proposed agreement, the MPA would lease the 200-acre Seagirt Marine Terminal, which opened in 1990, exclusively to the winning bidder for a minimum of 30 years to be paid in the form of an annual rent. The lessee could then invest in the new berth, cranes and other associated infrastructure.
The winning bidder would be able to increase the cargo capacity of the port and would be required to share increased revenues above a certain threshold, the amount of which, is still to be negotiated.