P&O In Deal To Operate NY/NJ Terminal

UK shipping firm Peninsular & Oriental Steam Navigation Co on Wednesday said it had joined forces with its 50 percent owned P&O Nedlloyd to operate the New York/New Jersey terminal on a 30-year lease. The first phase of development at the Port Newark container terminal in New Jersey, across the water from New York City, which is the largest port on the North American east coast, would cost $150 million. The development program is scheduled to begin in December and be substantially completed by end-2001.