Port of South Louisiana has entered into a purchase and sale agreement with ship agency, stevedoring and terminal operations company T. Parker Host in order to buy Avondale Global Gateway.
T. Parker Host has transformed Avondale Global Gateway, which was a former shipyard, into a center of multimodal commerce and combines river, road, and rail connections with ample storage and laydown space located on the West Bank of the Mississippi River.
According to the US port, the purpose of the acquisition of Avondale Global Gateway is to further solidify the port of South Louisiana as the premier gateway for US import and export traffic and align with its goals to facilitate economic development in the River Parishes and Southeast Louisiana through waterborne commerce.
Port of South Louisiana chief executive officer, Paul Matthews, commented, “This acquisition establishes Avondale Global Gateway as a permanent Economic Development arm of the State of Louisiana. The Port is laser focused on expanding our operations and bringing prosperity to the Southeast Louisiana Region.”
With this transaction, Port of South Louisiana will enter into a long-term agreement with T. Parker Host to serve as the terminal operator of Avondale Global Gateway.
The full bond application is anticipated to be US$445 million, while Port of South Louisiana leadership has also met with federal and state officials about additional funding for the acquisition.
