Watco Companies acquired the assets of Industrial Terminals and entered into a long-term lease for the use and operation of the Industrial Terminals facility. The industrial facility is located on the Houston Ship Channel, directly adjacent to Greens Port which is owned and operated by Watco.
In concurrence with the sale of the terminal assets, Intermarine, through its operating company, Industrial Maritime Carriers (IMC), and Watco have entered into a long-term agreement for Watco to provide stevedoring and terminaling services for Intermarine and its customers. Watco has also executed an agreement for Gulf Stream Marine, to provide stevedoring and terminaling services at the facility as they have done since 2004.
The Industrial Terminals facility consists of three deep-water berths, specifically designed for heavylift and breakbulk cargo, and more than 90 acres of cargo marshaling and storage area. The facility has direct rail and truck access alongside the ship berths as well as a barge terminal.
Greens Port consists of 655 acres, with more than three million square feet of warehouse space, multiple Class I rail access, and several deep-water barge and vessel berths. The combination of Industrial Terminals’ assets
and Greens Port’s assets provides Greens Port with additional berthing and yard capacity, and an unparalleled asset base which will allow Watco to further expand its service offerings to Houston Customers by providing them with a one-stop, comprehensive cargo handling shop with stevedoring, terminaling, distribution, storage, and inventory management services for nearly every commodity and form of transport including bulk, breakbulk, liquids, project cargo, and containerized cargoes.
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