CDC announces expanded port operations agreement at Brayton Point

Somerset, MA – Commercial Development Company, Inc. (CDC) on behalf of its affiliate Brayton Point LLC, the owner/developer of the Brayton Point Commerce Center, has announced a port operations and lease agreement with Patriot Stevedoring + Logistics LLC (Patriot). The port operations agreement further builds upon CDC’s vision to transform the former coal-fired power plant site into a world-class logistics port, manufacturing hub, and support center for the offshore wind energy sector.

The Brayton Point Commerce Center is equipped with a 34-ft deep water port capable of berthing large trans-Atlantic merchant vessels – once used to import coal, the port will now be used for bulk cargo, heavy lift cargoes, and building materials for the offshore wind energy sector. CDC believes expanding port operations at Brayton Point will be key to attracting new industrial and manufacturing tenants and will bring favorable economic impacts to the region.

“This port operations agreement is another step in the transition of Brayton Point into one of the premier marine commerce terminals in the Northeast – the site is well positioned to support offshore wind, but the possibilities for other sectors are available as well,” said Stephen Collins, Executive Vice President at CDC.

With this agreement, Patriot will now manage operations of the marine commerce terminal and create a regional logistics port with global distribution capabilities.

“Jointly, the goal of Carver and Pangaea here at the Brayton Point Commerce Center, through Patriot Stevedoring + Logistics, is to link Pangaea’s international ocean freight network with Carver’s proven shore-side port logistics. In doing so, we will bring the shippers, receivers, and project groups, from around the world, here to the doorstep of New England through the port of Brayton Point. We are extremely excited about this opportunity and the opportunity to generate economic growth here in Somerset, Massachusetts and beyond,” said Neil McLaughlin and Stephen Kelly, Co-Vice President of Patriot Stevedoring and Logistics, LLC.

“We are delighted to welcome Patriot, Pangaea, and the Carver teams to the Brayton Point redevelopment project – with their extensive port experience and international cargo relationships, we expect the region as a whole to benefit from their involvement,” said Stephen Collins, Executive Vice President of CDC.

Considering the site’s close proximity to offshore wind energy tracts in the Atlantic Ocean (37 nautical miles), the site is uniquely suited to serve the offshore wind energy sector. Although offshore wind in Massachusetts won’t go online until 2023, the Brayton Point Commerce Center will be operations-ready well in advance – able to begin port operations by early 2020.

Patriot Stevedoring + Logistics LLC represents a joint venture between Carver Stevedoring Services, Inc. and Pangaea Logistics Solutions Ltd. (Nasdaq: PANL) for the purposes of managing the port operations at Brayton Point Terminal. Carver’s port operations and maritime experience includes several deepwater ports along the eastern seaboard including Port of Coeymans, New York; Port Manatee, Florida; and Pier J Charleston, South Carolina. Pangaea Logistics Solutions Ltd. maintains an international ocean freight network of shippers and receivers many of which are interested in utilizing the Brayton Point Commerce Center.