Port Manatee's Second Container Crane Arrives

Palmetto, Fla. - Port Manatee's second mobile harbor container crane arrived today from Gottwald Port Technology's factory in Germany.

The 420-ton crane arrived onboard the M/V Beluga Endeavor and is being discharged today and assembled onsite by its sister crane, which was delivered in November 2007.

The purchase of the second crane is the result of a public private partnership between the MCPA and Logistec USA Inc. The two also partnered for the purchase of the port's first Gottwald 6407 mobile harbor container crane.

The purchase of this second crane is a testament to the success of the partnership we've fostered with Logistec, both the individuals working here at the port and its executive team in Canada, said David L. McDonald PPM®, Port Manatee executive director. Over the last several years, public-private partnerships like this one have become a more frequent business model at Port Manatee.

Under the terms of the acquisition and operation agreement, Logistec purchased the $4 million crane. Once it is certified and operational, the Manatee County Port Authority has 90 days to pay Logistec half of the total purchase price. The port's half

comes from state transportation grants.

The crane, which is expected to be operational sometime in late August, will be titled to the authority and capable of working at multiple berth locations. The agreement also includes a profit-sharing plan earning additional revenue for Port Manatee based on the crane's annual hours of operation.

A unique feature of the lease/purchase agreement guarantees positive income for the port over all fixed costs during the 15-year life of the partnership, by leasing the crane back to Logistec for more than the authority's monthly installment.