Gulftainer Secures 50-Year Concession For US Port Of Wilmington

Gulftainer, the largest privately-owned independent port operator in the world, headquartered in the United Arab Emirates (UAE), has announced that its subsidiary GT USA has inked an agreement on terms with the State of Delaware, USA, which would grant GT USA exclusive rights to operate and develop the Port of Wilmington for 50 years.

Terms of the agreement are to be formally approved by Diamond State Port Corporation Board and the Delaware General Assembly within the next month, followed by the formal review by the Committee for Foreign Investment in the United States (CFIUS).

The new agreement provides Gulftainer access to one of the most strategically located marine ports in the US, situated only a four-hour voyage from the Atlantic Ocean. GT USA’s concession includes the full management and development of the Port’s existing container volumes of 350,000 TEUs per year, which is forecasted to more than double in the years to come as a consequence of this deal.

Notably, Wilmington Port, which started operations in 1923 as the first major port on the Delaware River, is the top North American port for imports of fresh fruit into the USA, and has the largest dockside cold storage facility in the Country.