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4/10/2024
The Port of New Orleans (Port NOLA) has agreed to a new 10-year lease arrangement with The Kearney Cos. Inc., which is a subsidiary of Precision Terminal Logistics.
The agreement marks a milestone in the longstanding relationship between the port, Kearney and New Orleans Public Belt Railroad (NOPB), Port NOLA officials said in a news release.
The pact will enable Kearney to grow and invest with properties that have been continually leased for the past 20 years, they said. The leased facilities include four rail-served transit sheds and a rail-served storage facility that The Kearney Companies originally leased and refurbished in 2016.
"Our longstanding partnership with The Kearney Cos. is a prime example of how Port NOLA delivers seamless, integrated logistics solutions between river, rail and road," said Brandy Christian, president and CEO of the port and NOPB.
As required by the new lease, Kearney will make capital investments through Port NOLA-approved facility upgrades and improvements. The financial commitment emphasizes a shared commitment to investing in Port NOLA’s infrastructure to ensure the facilities can serve existing customer needs well into the future, while also supporting cargo growth and fostering continued job creation in the region, port officials said.
Kearney’s operations with NOPB have reached 3,000 carloads per year and are growing, Port NOLA officials said. In addition, the company handles close to 20,000 20-foot equivalent units annually.