Wilmington Gulftainer deal to undergo federal review

Port of Wilmington Delaware Gulftainer Group's Port of Wilmington Delaware lease will be examined by CFIUS
Industry Database

Port of Wilmington Delaware has confirmed to Port Strategy that a preliminary agreement to lease the port to Gulftainer Group will undergo federal review.

This follows American Shipper’s report that US Republican Congressman Duncan Hunter, chairman of the Subcommittee on Coast Guard and Maritime Transportation, asked President Donald Trump in a letter to “place a hold on” the plan “until the Committee on Foreign Investment in the United States (CFIUS) can fully investigate the national security implications of this deal.”

The Port of Wilmington Delaware told Port Strategy: “The agreement will require approval by the Delaware General Assembly and will undergo federal review, including an examination by the Committee on Foreign Investment in the United States (CFIUS).”

Approved 6 April

Gulftainer Group reached a preliminary agreement with the State of Delaware to lease the port from the Diamond State Port Corporation (DSPC) for 50 years earlier this month.

DSPC’s board of directors and members of the Delaware General Assembly approved the lease on 6 April.

As part of the lease agreement, Gulftainer’s subsidiary GT USA is expected to invest more than US$580m in the port over the next nine years, including approximately US$410m for a new container facility at DuPont’s former Edgemoor site, which was acquired by DSPC in 2016. GT USA would also focus on creating significantly more port jobs over the next decade.

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