JUNE 4, 2019
CDC Announces Expanded Port Operations Agreement at Brayton Point
Somerset, MA – Commercial Development Company, Inc. (CDC) on behalf of its affiliate Brayton Point LLC, the owner/developer of the Brayton Point Commerce Center, is pleased to announce a port operations and lease agreement with Patriot Stevedoring + Logistics LLC (Patriot). The port operations agreement further builds upon CDC’s vision to transform the former coal-fired power plant site into a world-class logistics port, manufacturing hub, and support center for the offshore wind energy sector.
The Brayton Point Commerce Center is equipped with a 34-ft deep water port capable of berthing large trans-Atlantic merchant vessels – once used to import coal, the port will now be used for bulk cargo, heavy lift cargoes, and building materials for the offshore wind energy sector. CDC believes expanding port operations at Brayton Point will be key to attracting new industrial and manufacturing tenants and will bring favorable economic impacts to the region.
“This port operations agreement is another step in the transition of Brayton Point into one of the premier marine commerce terminals in the Northeast – the site is well positioned to support offshore wind, but the possibilities for other sectors are available as well,” said Stephen Collins, Executive Vice President at CDC.
With this agreement, Patriot will now manage operations of the marine commerce terminal and create a regional logistics port with global distribution capabilities.
“Jointly, the goal of Carver and Pangaea here at the Brayton Point Commerce Center, through Patriot Stevedoring + Logistics, is to link Pangaea’s international ocean freight network with Carver’s proven shore-side port logistics. In doing so, we will bring the shippers, receivers, and project groups, from around the world, here to the doorstep of New England through the port of Brayton Point. We are extremely excited about this opportunity and the opportunity to generate economic growth here in Somerset, Massachusetts and beyond,” said Neil McLaughlin and Stephen Kelly, Co-Vice President of Patriot Stevedoring and Logistics, LLC.
“We are delighted to welcome Patriot, Pangaea, and the Carver teams to the Brayton Point redevelopment project – with their extensive port experience and international cargo relationships, we expect the region as a whole to benefit from their involvement,” said Stephen Collins, Executive Vice President of CDC.
Considering the site’s close proximity to offshore wind energy tracts in the Atlantic Ocean (37 nautical miles), the site is uniquely suited to serve the offshore wind energy sector. Although offshore wind in Massachusetts won’t go online until 2023, the Brayton Point Commerce Center will be operations-ready well in advance – able to begin port operations by early 2020.
Patriot Stevedoring + Logistics LLC represents a joint venture between Carver Stevedoring Services, Inc. and Pangaea Logistics Solutions Ltd. (Nasdaq: PANL) for the purposes of managing the port operations at Brayton Point Terminal. Carver’s port operations and maritime experience includes several deepwater ports along the eastern seaboard including Port of Coeymans, New York; Port Manatee, Florida; and Pier J Charleston, South Carolina. Pangaea Logistics Solutions Ltd. maintains an international ocean freight network of shippers and receivers many of which are interested in utilizing the Brayton Point Commerce Center.
US Offshore Wind Conference
Next week, CDC and Patriot will be participating at the US Offshore Wind Conference in Boston, MA. The two-day event will be held on June 10-11, 2019 at the Boston Marriott Copley Place. The Brayton Point Commerce Center team will be located at booth #40. Interested parties can visit the booth directly or set a meeting time in advance by contacting John Kowalik at email@example.com.
About the Brayton Point Redevelopment Project
For 50 years, Brayton Point was home to a coal-fired power plant that generated 1600 MW of electricity to local homes and businesses and was a source of good paying jobs and tax revenue. The Brayton Point redevelopment project is intended to return the former power plant site to a state of productivity and growth by utilizing many of the same attributes that made the site successful in the past – 300 acres of industrial waterfront property, a 34-ft deep water port capable of berthing large trans-Atlantic ships, access to major highway transportation, access to a strong local talent pool, and public support for energy diversification. For these reasons, it is anticipated that Brayton Point will be utilized as a logistics, manufacturing, and support center for offshore wind. For more information, please visit www.braytonpointcommercecenter.com.
About Commercial Development Company, Inc.
Commercial Development Company, Inc. (CDC) is a privately-held, diversified real estate acquisition and development firm whose principal competency lies with the acquisition, repositioning, and redevelopment of underutilized, distressed, or environmentally-challenged properties. CDC has purchased and redeveloped over 65-million-square feet under roof located on 300 sites throughout the United States and Canada. For more information, visit www.cdcco.com.
About Pangaea Logistics Solutions, Ltd
Pangaea Logistics Solutions, Ltd is a global provider of comprehensive maritime logistics and transportation solutions. The Company addresses the logistical needs of its clients by undertaking a comprehensive set of services and activities. We not only own and operate a large fleet of bulk carriers, including high ice class vessels but we design, produce, and operate port island projects. For more information, visit www.pangaeals.com.
About Carver Stevedoring Services Inc.
Carver Stevedoring Services Inc., a division of Carver Maritime, provides stevedoring services for bulk, break-bulk, and project/heavy-lift cargo. We also specialize in vessel lightering and barge loading/unloading. Our crews are mobile and all of our crane operators are NCCCO certified. Our equipment inventory includes cranes up to 330 ton lifting capacity. For more information, visit www.carvercompanies.com/carver-stevedoring.
If you would like more information about Commercial Development Company, Inc., please contact John Kowalik (314) 835-2813 / firstname.lastname@example.org.
For more information about Patriot Stevedoring + Logistics, please contact Hunter Sperry (401) 450-4870 / email@example.com.