Latest news with #ForeignTradeZone
Business Wire
01-07-2025
- Business
- Business Wire
June 2025 Meeting: Port Houston Celebrates Funding of Project 11
HOUSTON--(BUSINESS WIRE)--The Port Commission of the Port of Houston Authority met for its regular monthly meeting on Tuesday, June 24. Chairman Ric Campo opened the meeting applauding the recent announcement of the Houston Ship Channel Expansion - Project 11 being funded to completion with a $161 million federal investment in the President's FY26 Budget. Chairman Campo recognized the bipartisan collaboration and hard work of the many stakeholders in reaching this crucial milestone. The President's Budget also included $53 million for operations and maintenance dredging for the ship channel to keep draft restrictions from impeding vessel traffic. Campo also acknowledged that Port Houston continues to monitor the ongoing tariff situation, noting there have not been major impacts to volumes at the public terminals. Port Houston reported strong volumes in June, which can be found in more detail via the press release issued on June 23. There was discussion about the Foreign Trade Zone (FTZ) program. Port Houston manages FTZ 84, the largest and one of the most active zones in the country. The Port Houston team has seen a noticeable increase in FTZ inquiries in response to the current tariff climate. Port Houston is working closely with zone users and the U.S. Customs and Border Protection to support the recent influx of interest. State Senator Carol Alvarado and State Representative Mary Ann Perez were recognized for their continued leadership and advocacy on behalf of Texas ports during the 89 th legislative session. Both lawmakers served as sponsors of the Texas Ports Association's omnibus bill, although it was not passed during this session due to time constraints. Port Houston CEO Charlie Jenkins shared that planning discussions are underway with the City of Houston regarding Fleet Week Houston taking place November 5-12, 2025. He recently met with Mayor John Whitmire to coordinate this major event, which will be a significant moment for both the City of Houston and the maritime industry. Following the meeting, the Community Relations Committee of the Port Commission approved the 2025 Community Grant recipients, awarding $500,000 to 24 organizations across the greater Houston port region. The announcement represents the largest group of recipients and highest total funding awarded in the program's history. Project 11 Updates & Operations Highlights It was also announced that the U.S. Army Corps of Engineers (USACE) is expected to clear the Barbours Cut Flare draft restriction with a Great Lakes rental hopper dredge from New Orleans. The dredge is scheduled to arrive around July 15, with approximately 30 days of digging to clear restrictions. The two remaining Port Houston-led Project 11 dredging contracts with Weeks Marine and Callan Marine continue to progress on budget. This Channel segment, located between Bayport and Barbours Cut, is expected to be completed and opened to two-way vessel traffic by Q3 2025. Additional Meeting Updates & Announcements The Port Commissioners approved an $18 million award for the construction of the new Port Coordination Center (PCC), which will house Port Houston's Port Security & Emergency Operations Division & Turning Basin Operations teams. The PCC will break ground in July and is scheduled to be a 13-month construction project. Also, Port Commissioners approved a two-year interlocal agreement with San Jacinto College for the fire department. San Jacinto College offers state-of-the-art maritime simulation tools that replicate real-world port conditions and hazards. This agreement allows the Port to train multiple crews efficiently, cost-effectively and locally. The Port Commission meets next on Tuesday, July 22, 2025. About Port Houston For more than 100 years, Port Houston has owned and operated the public wharves and terminals along the Houston Ship Channel, including the area's largest breakbulk facility and two of the most efficient container terminals in the country. Port Houston is the advocate and a strategic leader for the Channel. The Houston Ship Channel complex and its more than 200 private and eight public terminals is the nation's largest port for waterborne tonnage and an essential economic engine for the Houston region, the state of Texas and the U.S. The Port of Houston supports the creation of nearly 1.5 million jobs in Texas and 3.37 million jobs nationwide, and economic activity totaling $439 billion in Texas and $906 billion in economic impact across the nation. For more information, visit the website at
Malaysian Reserve
20-06-2025
- Business
- Malaysian Reserve
Dermody Announces Port Wentworth Commerce Center, the Southeast's Largest Logistics Development Near Port of Savannah
SAVANNAH, Ga., June 19, 2025 /PRNewswire/ — Dermody—a diversified private equity investment management company focused exclusively on the national logistics real estate sector—is pleased to announce the launch of Port Wentworth Commerce Center, a master-planned logistics project located 6.5 miles from the Port of Savannah. Expected to be the largest near-port logistics development to begin construction in the Southeastern United States in 2025, the development will offer more than 10 million square feet of logistics real estate and serve as the premier port-centric logistics park on the Eastern Seaboard. Port Wentworth Commerce Center provides immediate access to major transportation infrastructure. Located one mile from Interstate 95, the primary north-south interstate corridor on the East Coast, it also offers Class One rail service from rail located on site. Situated within a designated Foreign Trade Zone, the development allows tenants to defer, reduce or eliminate tariffs on imported goods, providing a competitive advantage for global supply chain operations. 'Port Wentworth Commerce Center is an investment that will serve the growing demand from companies who require modern facilities close to the Port of Savannah in order to meet the needs of the fast growing Southeast region,' said Wes Hardy, Southeast Region Partner for Dermody. 'Few sites in the U.S. offer this scale while also providing immediate access to the fastest growing port in the country, a major interstate, unmatched power availability and rail service. It is a one-of-a-kind project for the Southeast.' The Georgia Ports Authority has collaborated closely with Dermody, recognizing its potential to enhance the region's logistics capabilities. The Georgia Ports Authority owns land that positions the Port of Savannah to grow, keeping pace with demand driven by population growth and shifting demographics. 'We welcome Dermody's logistics investment into our Southeast gateway supply chain ecosystem and the distinctive capabilities it will bring customers,' said Stacy Watson, Georgia Ports Director of Economic and Industrial Development. 'The Port Wentworth Commerce Center is on the doorstep of Georgia Ports' Savannah facility that generates 35 ships per week, 42 double-stack container trains per week and 7,000 trucks per day of business. We will be investing $4.5 billion in the next 10 years to grow the port's capacity and competitiveness, so we need partners like Dermody to grow with us.' The Port of Savannah is the fastest-growing port in the United States and the third busiest seaport in the U.S. The location is the closest to a major U.S. seaport that can accommodate multiple buildings of 1 million SF or greater. The scale of the site, its location in one of the nation's top logistics markets, and its infrastructure support make it ideally suited for companies requiring a solution to their supply chain needs. The development will be supported by best-in-class infrastructure, including a newly constructed 2.5-mile road system currently under construction. The road will be extended in the future to provide a second point of ingress and egress. To streamline the process for customers, all necessary utilities—including water, sewer, power, gas and fiber optics—will be installed along the roadway to ensure operability from the project's inception. The site of the Port Wentworth Commerce Center features exceptional power infrastructure, most notably capacity and availability. It is located adjacent to dual 230KV transmission lines, and a Georgia Power-owned 115KV substation located on-site. The project has been identified as one of a few locations in the State of Georgia with capacity to provide one gigawatt of power service. Its proximity to generation sources—just eight miles north of Georgia Power's Plant McIntosh, a natural gas-powered production facility—reinforces the site's ability and reliability to support high-capacity power users. 'Port Wentworth Commerce Center is transformative and among the most significant industrial ventures on the East Coast,' said Tim Walsh, Partner and Chief Investment Officer for Dermody. 'It represents a generational opportunity to meet surging demand for port-adjacent logistics space and reflects our long-term commitment to investing in critical infrastructure at global trade gateways.' Dermody is represented by Bill Sparks and Preston Andrews of CBRE in Savannah, Georgia. 'We are honored and thrilled to represent Port Wentworth Commerce Center, a project providing a special combination of near-port and interstate access, scale, CSX rail, and heavy utility readiness in Savannah, one of the most dynamic logistics markets in the country,' said Bill Sparks, Executive Vice President with CBRE. 'The development is well-positioned to immediately meet the needs of a wide variety of companies, size requirements and uses.' Dermody's Southeast Region spans nine states, with particular focus on the major logistics markets of Atlanta, Savannah, Nashville, Charlotte and Central Florida. The region currently has four projects under construction and more than 1,500,000 SF available for lease. For more information on those properties, please visit the region page on Dermody's website. A map is available here and an aerial view is available here. About DermodyDermody is a privately-owned real estate investment, development and management firm that specializes in the acquisition and development of logistics real estate in strategic locations for e-commerce fulfillment centers, third-party logistics and distribution customers. Founded in 1960, Dermody has invested more than $10 billion of total capital across all platforms nationwide, having acquired and developed approximately 110 million square feet of logistics and industrial facilities. In addition to its corporate office in Reno, Nevada, it has regional offices in Atlanta, Chicago, Dallas, Indianapolis, New Jersey, Northern California, Phoenix, Seattle and Southern California. For more information, visit CONTACT: Nicole Shearer, KPS3, 530-448-6485
Yahoo
05-04-2025
- Business
- Yahoo
Tariff relief offered by SKU Distribution Center in Chandler designated as a Foreign Trade Zone
The Brief SKU Distribution Center in Chandler offers a different way for companies to work around international tariffs. Designated as a Foreign Trade Zone, or FTZ, the company has the ability to defer tariffs to help local companies manage cash flow. The company is gaining widespread interest as businesses work to stabilize operations amid the new rules. CHANDLER, Ariz. - Among the chaos of tariffs, one Valley business is turning heads. It's a local distribution center that offers something different than most. What we know Customers of this distribution center are from all across the globe and deal with the impacts of tariffs just like everyone else. However, SKU Distribution Center in Chandler is marked as a Foreign Trade Zone, or FTZ. "We've gotten [quite] a bit of interest," said James Peacock, founder and CEO of SKU Distribution. It puts them in a unique position. It means international goods parked there don't have to pay tariffs until they leave the warehouse and are sold. What they're saying "It comes into the zone, you defer all those duties and taxes until those pieces actually leave the zone" Peacock said. Businesses from all over are taking notice of the federal FTZ sign stamped in the warehouse. Founder and CEO James Peacock says his industry is turned upside-down following the Trump administration's international tariffs. While businesses are trying to figure out how to pass along cost increases from the tariffs, it's different at Peacock's warehouse and fulfillment center. "I mean everyone in the market is freaking out, I don't think that's an understatement," he said. Big picture view SKU has become a desirable option for many businesses. "Really the only way to manage that portion of your line item cash flow is to use something like this," he said. Cash flow could become invaluable as the market learns to try to adjust to these new tariffs, offering savings and supply chain efficiencies for importers. "It's a way for them to continue their supply chain, and kind of park the stuff in a Foreign Trade Zone so they can defer those taxes, take a deep breath, and wait for the dust to settle until everyone figures out exactly what's going on here and can go from there," Peacock said.
