Michael Hassing News

Ports America Chesapeake and CSX Intermodal Terminals today announced a new agreement designed to immediately enhance the competitiveness of the Port of Baltimore and position it to capture additional freight business through more efficient service. The new agreement transfers operational responsibility for the intermodal container service at the port from CSX Intermodal Terminals to Ports America Chesapeake, consolidating management of the operation and enhancing service through Ports America’s on-dock handling and operational expertise. “With the expansion of the Panama Canal, we see tremendous growth opportunities at the Port of Baltimore,” said Ports America CEO and President Michael Hassing.

The Ports America Companies successfully refinanced the debt facilities of both Ports America, Inc. (PAI) and MTC Holdings, Inc. (MTC) into a single, unified capital structure. The refinancing consisted of a new five-year, $475-million senior secured credit facility, including $170 million of revolving credit and letter of credit facilities, and a new seven-year, $375-million Holdco financing. The senior facility was provided by a group of new and existing lenders and led by Royal Bank of Canada. The Holdco facility was provided by CPPIB Credit Investments Inc., a wholly-owned subsidiary of Canada Pension Plan Investment Board (CPPIB), a global institutional investor with more than $190 billion of assets under management and a leading infrastructure and credit investor.

Ports America CEO Michael Hassing announced the appointment of John Carver to the position of executive vice president of business development, effective May 1. Carver, domiciled in New Jersey, will report directly to President and CEO Michael Hassing and be responsible for expanding Ports America's business interests domestically and internationally, working closely with port authorities and government officials. An industry veteran of 20 years in maritime and logistics development…