Harbor Commission Agrees on New Lease with Federal Marine Terminals
Company Will Continue as Stevedore and Terminal Operator at the Port of Milwaukee
With a recently agreed upon lease renewal, Federal Marine Terminals (FMT) will continue to provide terminal and stevedore services at the Port of Milwaukee, maintaining a seventeen-year long partnership. The new lease assures FMT’s presence at the Port for at least five years with an option to extend that agreement for an additional five years.
Each year FMT serves the dozens of ships that move high-value, break-bulk cargo in and out of Milwaukee. FMT handles a wide range of goods such as steel, heavy machinery and other over-dimensional cargo.
“With new terms incorporated in the renewal, incentives exist for both the Port and FMT to increase cargo at the Port of Milwaukee,” Paul Vornholt, acting port director said.
“The great relationship and commitment between Federal Marine Terminals and the Port of Milwaukee has contributed to the additional five year option to the current lease,” Michel Tosini, FMT’s executive vice-president said. “Over the next five years, we project steady growth as we continue to collaborate on marketing efforts and resolve to find new mutually beneficial opportunities.”
FMT is a key provider of services to shipping lines and local companies in Milwaukee. Both FMT’s parent company, Fednav, and Federal Atlantic Lakes Line, Fednav’s liner service between Europe and Milwaukee, are valued partners with the Port. Their interest in renewing the Milwaukee lease demonstrates Fednav’s and FMT’s commitment to linking the Midwest with international markets.
The Port of Milwaukee is an economic entity of city government that is governed by the seven-member Board of Harbor Commissioners, a panel appointed by Mayor Tom Barrett and confirmed by the Common Council. It administers operations on the 467 acres that make up the Port. In addition to promoting shipping and commerce, the Port of Milwaukee is the grantee of Foreign Trade Zone #41 which adds economic benefits to companies involved in international trade.
The products and services herein described in this press release are not endorsed by The Maritime Executive.