Port of NY/NJ Sets Cargo Records in 2004

Acting New Jersey Governor Richard J. Codey today announced that the Port of New York and New Jersey had another record year in 2004, handling more international cargo than ever and surpassing for the first time the $110 billion mark in the total value of all cargo handled. During a press conference at the APM Terminal at the Elizabeth-Port Authority Marine Terminal, Acting Governor Codey outlined plans by New Jersey and the region to address the challenges associated with future growth in oceanborne cargo. They include: Plans to promote the development of additional distribution and logistics facilities around the port. A preliminary study by the Port Authority and the New Jersey Economic Development Authority has identified more than 20 sites in Union, Middlesex, Essex, Bergen and Hudson counties that would be possible locations for warehouse/distribution centers. A report will be released in approximately 30 days. (List of sites attached).

Plans by a major industrial developer to build a distribution facility in Elizabeth near New Jersey Turnpike Interchange 13A. Groundbreaking for the project will be held this spring. more - 2 - A report by the Port Authority to Governor Codey, to be issued within the next 30 days, detailing how the agency can accelerate the completion of the rail terminals and supporting infrastructure at the port. The Port Authority plans to invest $600 million to install rail terminals and support infrastructure at all of the marine terminals in New Jersey and New York. A status report by the Port Authority to Governor Codey on steps that are being taken to complete the project to deepen the port’s channels to 50 feet as quickly as possible. The projected completion date is now 2014. The Port Authority is investing $760 million of the $1.6 billion construction cost of the channel-deepening project. Acting Governor Codey said, “These numbers are a clear sign that the port remains a vital economic force for New Jersey and the region. The increased traffic translates into more high-paying jobs for our residents and greater activity for industries that rely on our port, including trucking and distribution. With the forecast for continued cargo growth, we are looking to the future with our Portfields initiative, which has identified underused industrial sites that can be used to increase distribution and logistics opportunities around the port. We also must do everything possible to enhance our ability to move more cargo by rail to provide environmentally sustainable ways to transport cargo throughout the region.” New York Governor George E. Pataki said, “The Port of New York and New Jersey has been part of the fabric of New York and the region for centuries, helping to drive the state’s economic growth and activity. To maintain our competitive edge, we recently embarked on a $72 million project to reactivate the eight-mile Staten Island Railroad, which more - 3 - will restore important freight rail service to the Howland Hook Marine Terminal. This project not only will give us the ability to handle future cargo growth, but will create more than 780 construction jobs and 330 permanent jobs for New York.” Port Authority Chairman Anthony R. Coscia said, “The results we have achieved in recent years are a tribute to the men and women working in our region’s maritime and supporting industries. They have consistently handled record-breaking cargo volumes at a time when we are undertaking the largest port development program in our history, while maintaining a vigilant watch on the region’s and nation’s vital security interests. The importance of our port to the region and nation should not be taken lightly. The World Bank has estimated that more than 25 percent of our nation’s gross domestic product is derived from international trade.”