Watco Companies has acquired the leasehold ownership of Industrial Terminals from Industrial Maritime Carriers (IMC) and Intermarine.
Watco - owner and operator of Greens Port Industrial Park located on the Houston Ship Canal - has acquired the adjacent Industrial Terminals facility. The parties have entered into a long-term agreement that will see Intermarine continue to use the Industrial Terminals facility.
Industrial Terminals consists of three deepwater berths designed for heavy lift and breakbulk cargo handling. It also features 90 acres (36.4 ha) of marshalling and storage areas, direct rail and truck access alongside the ship berths, as well as a barge terminal.
Watco has also entered into a long-term agreement with Intermarine for the provision of stevedoring and terminal services. Intermarine staff will remain located at Industrial Terminals. Combined, the two properties are comprised of 746 acres, seven berths and more than 5,000 ft (1,524 m) of dock space.
"Our ocean carriage business has evolved with the changes in the market and the transaction with Watco will allow us to seamlessly and efficiently continue operations at Industrial Terminals, while focusing on our core liner and worldwide chartering services," said Michael Dumas, president of Maritime Holdings and chief financial officer of Intermarine. "Our partnership with Watco will allow Intermarine to expand its services to better accommodate our clients."
Watco said that the combination of Industrial Terminals with its existing Green Ports assets will enable it to provide additional berthing and yard capacity, while expanding its service offerings to its customers in Houston.
"We are very excited to add the Industrial Terminals assets to the Greens Port Industrial Park and enter into a long term agreement with IMC. The combined assets will allow us to expand the service offerings and provide unparalleled service to IMC and its customers. We are looking forward to expanding the partnership with IMC and growing this business," said Bill Kinzeler, vice president of network strategy for Watco Terminal and Port Services.