GLOBAL CONTAINER TERMINALS UNVEILS PLAN TO OPEN A NEW CHAPTER IN DEVELOPMENT OF THE PORT OF NEW YORK & NEW JERSEY

New container handling technology will create jobs and improve port competitiveness, while securing long-term economic benefits for the region

Additional details and video available at www.futureglobalnynj.com

BAYONNE, NJ (May 9, 2012) — Global Container Terminals Inc., a leading North American marine terminal operator with facilities on both coasts, today unveiled final plans for a multi-million dollar expansion project to develop a 70-acre technologically advanced container terminal on the Bayonne, NJ, waterfront. When complete, Global Terminal at Port Jersey will be the most advanced marine terminal in the Port of New York and New Jersey.

The expanded facility, scheduled to open in 2014, will improve the competitiveness of the Port of New York and New Jersey with a world-class terminal designed to handle the largest container vessels at greater throughput density per acre. New container handling technology will achieve higher efficiency while improving safety and security for the International Longshoremen’s Association (ILA), AFL-CIO workforce.

“The new Global development project, in addition to the many improvements currently underway, clearly demonstrates a long-term commitment from the Port Authority of New York and New Jersey to protect the port’s preeminent position as a critical U.S. gateway for global commerce,” said James Devine, President and CEO, Global Container Terminals USA.

The Port Authority acquired the land for the project adjoining Global’s existing facility in 2007, ensuring that scarce waterfront property would be used for waterfront business. A new shared gate configuration on the Port Jersey peninsula for both the existing Global facility and the new expansion area will increase trucking efficiency while mitigating potential environmental impact. In addition, Global Terminal will offer seamless intermodal rail connections via the adjacent redeveloped Greenville rail transfer facility.

From the start, the Global project will create significant employment opportunity through both the construction phase and operation of the facility. ILA labor will continue to be used at the existing Global facility as well as the new expansion area. “We anticipate adding more advanced job opportunities as we improve the competitiveness and throughput of the port,” said Mr. Devine. “We will provide the training as well as the job opportunities for ILA workers to transition into the next generation of container handling. At Global and at New York Container Terminal in Staten Island, we want to continue building a vibrant working waterfront in the Port of New York and New Jersey.”

Both the existing Global Terminal and the expansion area are situated on New York Bay, ahead of the entrance to the Kill Van Kull. Ships calling at Global do not transit under the Bayonne Bridge, eliminating air draft limitations. With 50 feet of water depth at its new berths, Global Terminal will be able to handle the largest container vessels in the world. The terminal will have total capacity to move 1.7 million twenty-foot equivalent units (TEU) per year, making it one of the most efficient port terminals in the country based on throughput density per acre.

“Our expanded Global Terminal facility will come on line precisely in time to help meet the demands of larger vessels transiting the Suez Canal and new wider Panama Canal,” said Mr. Devine. “Since the earliest days of this country, the bi-state port has been the engine that drives the region. We plan to be a very important piston in that engine going into the future.”

Global Terminal sits on a small footprint in the shadow of the Statue of Liberty in a region that accounted for significant industrial growth in the 20th century. Mr. Devine said: “We are not the largest international marine terminal in the bi-state port, but our impact will be great as we bring the 21st century technology here. This is American ingenuity at its finest—government and private interests working together to develop an international terminal that will be a safe haven for longshoremen, an employment engine for the region, and a green gateway for cargo moving to and from the United States and the world.”

The terminal development project is expected to create construction-related jobs over the next three years. It will generate new high-technology longshoremen positions and contribute significantly to the more than $6.4 billion in additional personal and business income the port is expected to generate from capital investments through 2017. In 2010, the New York-New Jersey Port Industry supported 170,770 direct jobs, 279,200 total jobs in the New York/New Jersey region, about $11.6 billion in annual personal income and $37.1 billion in annual business income. Port-related construction and investment activity since 2006 has supported 15,800 direct jobs, 27,500 jobs across the region, about $1.3 billion in personal income and more than $2.9 billion in business income.1

Additional information about the project, the port and its impact on the regional economy can be found at www.futureglobalnynj.com.

New Terminal Technology

The Global Terminal at Port Jersey will be among the most advanced container terminals in North America upon completion in 2014. Using new technology and equipment, port workers will unload shipping containers from the largest container vessels in the world and seamlessly transfer them into grounded stacks arranged on the diagonal for maximum capacity. Massive rail-mounted gantry cranes (RMGs) will sort the container stacks to optimize productivity linking quay-side crane operations with land-side connections to truck and rail transportation. Ten container stacks will be serviced by 20 new RMGs. Each container stack is capable of storing 1,665 TEU, including plugs for refrigerated equipment. The entire terminal is designed based on industry best practices for gate operations, supply chain security, regulatory inspections, trucking efficiency, near-dock rail connections, yard management, terminal operating systems, environmental mitigation and safety.

The new gate facilities at Global Terminal will be expanded to 29 lanes from 16 lanes. Gate operations will utilize the latest technology to speed approved trucks through the entry and exit gates, while providing maximum security and optimal routing while in the terminal. The Port Authority of New York and New Jersey is developing the adjacent Greenville rail yard north of Global Terminal into a fully modern intermodal rail transfer facility capable of working 32 five-well rail cars on eight working tracks. The facility will have annual capacity of 250,000 lifts to speed containers via rail to and from interior U.S. destinations, playing a key role in keeping the Port of New York and New Jersey competitive versus other Atlantic Coast ports serving the U.S. Midwest, Southern and Canadian destinations. This new rail yard will provide additional work opportunities for members of the ILA.

About Global Container Terminals

Global Container Terminals Inc. (GCT) is one of the top four container terminal operators in North America. In early 2007, the Ontario Teachers’ Pension Plan entered into an agreement with Orient Overseas (International) Ltd. to acquire TSI Terminal Systems Inc. in Vancouver together with New York Container Terminal and Global Terminal & Container Services, LLC, in the Port of New York and New Jersey. The newly formed Global Container Terminals operates four container terminals through three principal businesses. GCT’s terminals enjoy stable, long-term relationships with the majority of the world’s largest container lines. These lines choose to do business with GCT because of the company’s operational excellence, high level of customer service and continuous view toward capacity enhancements to allow for future volume growth.

1. A. Strauss-Wieder, Inc. 2010. The Economic Impact of the New York-New Jersey Port/Maritime Industry.