The 165-acre rail-served container terminal at Coke Point will expand container operations space by more than half within the port.
A memorandum of understanding was signed between the State of Maryland, Baltimore County and Baltimore City to support the alliance.
The project will give the Port of Baltimore a third container terminal to go alongside its existing container facilities at the Seagirt and Dundalk Marine Terminals, according to The Daily Record.
“Tradepoint Atlantic has quickly become a transformational force as one of North America’s most strategic and versatile commercial gateways and a magnet for major companies like Amazon, BMW, FedEx and Volkswagen to build and expand their footprint in the region,” said Maryland governor Larry Hogan.
“It has also solidified the Port of Baltimore’s status as one of the best ports in America, and… we are celebrating a joint partnership between Tradepoint Atlantic and Terminal Investment Limited, which will further expand the growth and competitiveness of the port.”
Ammar Kanaan, CEO of TIL, said the investment “is an exciting opportunity to create much needed additional container handling capacity in Baltimore and will be a driver of economic growth for its direct hinterland”.
The Port of Baltimore is said to rank 11th among major US ports for foreign cargo handled and ninth for total foreign cargo value.
TIL has ownership interests in 40 terminals around the world, with two facilities under construction and options to purchase interests in two others under development.
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