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Tuesday, 21 October 2014

Massport considers privatising Port of Boston to meet $200m shortfall

The Massachusetts Port Authority (Massport) may privatise the busiest terminal at the Port of Boston in order to pay for ongoing dredging work.

The port is currently facing a $200 million shortfall in finance despite receiving $310 million in state aid, the Journal of Commerce reports.

 As of September 2014, the Port of Boston handled around 18,000 TEU, an increase of 11.7% compared t the same period in 2013.

The port has embarked on the multi-million dredging project of Boston Harbor in order to accommodate next generation post-Panamax “super vessels” however not all commentators have been convinced.

“A move to privatize would be a slap in the face to taxpayers after putting up federal and state commitments to fund the $310 million dredging project,” Nick Collins, state Rep. for D-South Boston said. “Privatization should be taken off the table. We can talk about other options and we should. I’m surprised they haven’t done that yet, given that we were just in discussion with them over the dredging.”

The additional $200 million in funding will be needed through 2022, according to officials.

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