Plaquemines Port Harbor and Terminal District and several potential partners have signed an exclusive letter of intent to develop a shipping container terminal in Plaquemines Parish that will expand the amount and type of products that can move through the port.
The signing of the LOI kicks off a six-month due diligence period during which the parties will conduct multiple studies prior to making a final investment decision, according to the announcement.
The proposed container terminal will be powered by a combination of LNG and electricity. It will encompass up to 1,000 acres and 8,200 feet of Mississippi River frontage about 50 miles from the Gulf of Mexico. Phase one of construction is expected to take about two years.
Once the terminal is operational, shippers will be able to export agricultural products, refrigerated cargo and chemical resins thanks to American Patriot Holdings—one of the companies that signed the LOI—which is developing small container ships for inland use.
The port says the new terminal will reduce congestion along the river and improve shipping reliability. Additionally, a new LNG terminal proposed adjacent to the facility opens the door for large LNG-powered containerships.
Another partner in the project, Louisiana 23 Development Company, led by Chris Fetters, was selected as the exclusive private development partner for the Plaquemines port in December 2019. Devco will provide financial solutions and funding alternatives to support the container terminal development. See the full announcement.