Enstructure, GT USA Wilmington Complete Transfer of Port of Wilmington Operations

Enstructure, a leading U.S. marine terminal and logistics company, and GT USA Wilmington (GT USA) announced today the completion of the transfer of operations at the Port of Wilmington to Enstructure. Enstructure was recently selected by the Diamond State Port Corporation (DSPC) and the State of Delaware as the new operator at the Port of Wilmington and to collaborate with the DSPC on the potential expansion at Edgemoor.

"Enstructure is excited to partner with the DSPC and begin operations at the Port of Wilmington, where we will bring our experience in national and local markets, best-in-class service, and comprehensive terminal and logistics solutions to our customers," said Matthew Satnick and Philippe De Montigny, Co-CEOs of Enstructure. "Additionally, we will be working alongside the International Longshoremen's Association (ILA), the Delaware Building and Construction Trades Council, and the Teamsters to grow operations at the Port, revitalize Port facilities and infrastructure, and maximize economic development and union job growth opportunities along the way, all while improving the experience for the long-standing customers of the Port of Wilmington. We are also excited to continue working with the DSPC to bring the potential Edgemoor development project to life."

Peter Richards, CEO of Gulftainer, stated that "GT Americas has decided to step away from the development of the Port of Wilmington." He continued, "Whilst the significant contributions made by Gulftainer in Wilmington over the last 4.5 years have been fully recognised by all stakeholders and have embellished Gulftainer's successful track record of creating highly productive port operations, the evolved economic conditions and future financial viability did not meet our threshold for continued investment. Adhering to strict financial discipline has been central to the success of Gulftainer over the years. When investing in trade infrastructure and services, our goal is to serve our global customers and we remain committed to investing in the right projects worldwide, that have an appetite for foreign direct investment."