Port of New Orleans (Port NOLA) has announced a new 10-year lease agreement with The Kearney Companies, a subsidiary of Precision Terminal Logistics (PTL), solidifying their longstanding partnership.
This agreement represents a significant step forward in the collaboration between Port NOLA, The Kearney Companies, and the New Orleans Public Belt Railroad (NOPB), which provides vital rail services to its facilities, connecting them to all six Class 1 Railroads (BNSF, CPKCS, CN, CSX, NS, and UP).
Under this new consolidated lease agreement, spanning a decade, The Kearney Companies will have the opportunity to expand and invest in properties that have been under continuous lease for the past two decades. These leased facilities encompass four rail-served transit sheds situated on France Road and a rail-served storage facility located on 3900 Jourdan Road, which The Kearney Companies initially leased and significantly refurbished back in 2016.
“Our longstanding partnership with The Kearney Companies is a prime example of how Port NOLA delivers seamless, integrated logistics solutions between river, rail and road. We appreciate the continued commitment of The Kearney Companies and PTL and look forward to strengthening our partnership in future endeavours,” stated Brandy D. Christian, president and CEO of the Port of New Orleans and CEO of the New Orleans Public Belt Railroad.
As part of the new lease agreement, The Kearney Companies will invest capital in approved facility upgrades and enhancements under the oversight of Port NOLA. This financial commitment underscores a mutual dedication to enhancing the US port’s infrastructure, ensuring that these facilities can effectively meet the demands of current customers for years to come. Additionally, this investment supports the growth of cargo operations and contributes to ongoing job opportunities in the region.
David Kearney, president of The Kearney Companies, commented, “Our longstanding partnership with the Port of New Orleans has been a great success story that we are very proud of as a local company with many ties to the Louisiana port community. The real success of this partnership with Port NOLA, however, is measured in terms of the competitive advantages we enable for each specific shipper’s supply chain and the sustainable jobs that we create in this process of using these terminals to support these customers’ various logistical needs. It feels great when you look back over the last 20 years and you see the growth in new customers that these facilities support. We have continually invested in our service capabilities and logistics capacity to facilitate cargo growth for Port NOLA and the NOPB Railroad. With the consolidated lease, we look forward to continuing to invest in these facilities so we can support our customers well into the future.”
Furthermore, the operations of The Kearney Companies in partnership with NOPB have achieved an annual volume of 3,000 carloads, with ongoing expansion. Also, The Kearney Companies manage nearly 20,000 TEus, sustaining approximately 65 full-time positions encompassing office/clerical, trucking, and warehouse roles.
