November 28 - The Albany Port District Commission, USA has signed a 10-year agreement with Federal Marine Terminals (FMT) to provide longshore and other cargo handling services at the port.
FMT has provided such services at the port for the past 11 years, and the contract, with three five-year renewal options, could see the marine service provider operate at the port for another 25 years.
Michel Tosini, FMT's executive vice president, said the length of the contract should offer stability to the local longshore workers and shippers who use the port.
Although, the impact of the Trump administration on the shipping business continues to be a concern for Tosini, he explained that FMT is waiting to see what trade barriers (with Europe/ Asia), if any, the current US administration would put in place before being able to determine whether there would be any impact on import/export activities at the Port of Albany.
"Will there be barriers? Tariffs? Fees? Duties? That can have a serious impact," Tosini said.
FMT will pay USD200,000 a year in rent to the port commission, with additional payments for additional work that comes in.
The Port of Albany handles heavy lift cargoes from General Electric's (GE) power generation factory in Schenectady, wind turbine equipment for wind farms throughout the north east, and other project cargoes from several shippers at the port.