October 3rd, 2022, will mark GT USA Wilmington’s (GTW) fourth year into a 50-year concession agreement managing and operating the Port of Wilmington in Delaware. To say there have been a few unforeseen challenges thrown its way is an understatement. Indeed, who could have foreseen that within months after the ceremonial handover the world would be amid a global pandemic.
Throughout the challenging times GTW diligently pursued new business through its global network and built new facilities to enhance customer services. It has ensured that cargos of fresh food and other necessities moved quickly, without disruption, onto supermarket shelves. Throughout the entire pandemic and beyond, the Port has remained fully functioning, with no delays, retaining all employees throughout.
2022 has seen a robust increase in throughput. The Port’s 2021-2022 winter fruit season was highly successful with imports of both South American and Moroccan produce rising over 140% on the previous season. Additionally, the Port of Wilmington recently received its first ever shipment of summer fruit (establishing the start of the port’s year-round fruit services.) These recent successes have contributed to the increase in bulk cargo volumes by 56%. These positive developments have been achieved by GTW’s highly productive operational and commercial abilities.
In the three years since accepting the challenge of operating the historic Port of Wilmington, GTW has incurred $251MM of operating expenses, including $202MM of direct labor costs.
The Company has relieved the State of the need to annually subsidize the publicly owned port of between $15-18 million, assumed a rise of over $56 million of operating costs implemented a few weeks after accepting the concession, paid over $10 million in royalties to the State and upgraded the port with over $88 million of investment in capital improvements and equipment. In just the first three years GTW has provided over $200 million of direct additional value to the State of Delaware by investing in long term improvements and by bearing significant legacy costs, additional pandemic related costs and an operating cost increase of running the port of over 45%. This excludes the indirect value from the businesses in the community that are benefiting from the increases in volumes through the port.
For more information: portofwilmington.com