FastShip to build Philly terminal

By Staff -- Logistics Management, 10/1/2000

High-speed transport across the Atlantic Ocean is a step closer to reality. FastShip Inc., a consortium of investors that plans to build a new, high-speed container vessel for trans-Atlantic service, has announced that it will construct a $125 million high-tech terminal at Philadelphia's Port Richmond section. That project is contingent on the purchase from Conrail of a portion of a rail yard and dormant shipping terminal on the Delaware River.

The terminal, projected for completion in 2004, will become FastShip's only North American terminal for its planned seven-day service between Europe and the United States. The company projects that business flowing through the terminal will nearly triple the amount of cargo currently passing through the twin ports of Philadelphia and Camden, N.J.

The terminal will be connected to an inland distribution network managed by Schneider National Inc. and will use CSX, Norfolk Southern, and Canadian Pacific rail operations.