Worldwide Terminals Fernandina LLC
October 6, 2021
“In order to stabilize the Port’s finances and prevent a looming shutdown of the Port, our first order of business was to PAY OFF $6.2mm of Ocean Highway Port Authority (“OHPA”) debt which, if not repaid, could have potentially become the liability of Nassau County TAXPAYERS.”
Worldwide Terminals Fernandina LLC (“Worldwide”, “WWT”) investments and accomplishments after 3 ½ years as the Operator of the Port of Fernandina. Creating Momentum and Continuing to Build Towards a Better Future
Under the leadership of Worldwide, Nassau Terminals LLC (“Nassau” and/or the “Port”) has been undergoing a dramatic renaissance, capturing more cargo and larger vessels in the growing South Atlantic region. This began in 2018 when Nassau Terminals was acquired by Worldwide Terminals Fernandina LLC.
In order to stabilize the Port’s finances and prevent a looming shutdown of the Port, our first order of business was to PAY OFF $6.2mm of Ocean Highway Port Authority (“OHPA”) debt which, if not repaid, could have potentially become the liability of Nassau County TAXPAYERS. WWT also absorbed onto its books $4.6mm in debt that OHPA owed to the previous Owner of Nassau Terminals. In other words, even before WWT opened its doors for business, it had already made a $10.8mm investment in Nassau County/Fernandina Beach (not including the purchase price of the port operating company).
Subsequent to that initial investment, during its three-plus years operating Nassau Terminals, WWT has continued to reinvest in the community as evidenced by following:
Since 2018, the Port has increased its labor force from 30+ employees to more than 60+ full-time employees, and growing. Accordingly, the Port has been an economic driver for a region desperately in need of high quality jobs and better wages for local residents, consistent with OHPA’s Charter.
In addition to the initial $10.8mm investment, WWT has invested tens of millions of ADDITIONAL dollars over the last three years and has created momentum that Nassau Terminals has not seen over the last 30 years. These investments are evidenced by the three new cranes, a new warehouse, and innovative equipment acquired by WWT all on behalf of (though without direct financial assistance from) OHPA for Nassau Terminals.
Working with the U.S. Army Corp of Engineers and FDOT, WWT commenced and concluded the deepening of the Port dock to over 40 feet, which precipitated the dredging of the Federal Channel for the first time in 20 years to facilitate new and larger vessels calling the Port.
Worldwide has financed over $4mm of OHPA’s “Local Share” of State and Federal Grants facilitating the investment of over $10mm into the Port’s infrastructure and equipment.
The financial velocity and reinvestment generated by the Port amounts to $10’s of millions of economic activity that flows through the City of Fernandina and Nassau County.
This list is certainly not exhaustive and is just a sample of the direct economic contributions made by WWT to Nassau Terminals and, equally important, to its surrounding community of Fernandina Beach.
Worldwide Terminals Fernandina currently handles kraft liner board and forest products manufactured locally and regionally and exported to the Caribbean, Central and South America by companies such as Barnett Paper, WestRock and Georgia Pacific. These products are manufactured into boxes and used to return bananas, fresh fruit and produce back to the United States. The Port serves as a homeport for Somers Isle Shipping’s containerized service to Bermuda, now in its 33rd year, providing sustainment cargoes and consumer good to the Island. The Port also handles containerized shipments for Rayonier Advanced Materials. Worldwide Terminals Fernandina handles imported forest products from Asia, and Scandinavia, delivering them by rail to regional mills for the manufacture of consumer goods like tissues, napkins, paper towels and diapers. As you can see, not only does the Port support local and regional manufacturing, it also plays a critical role in the global supply chain.
Worldwide Terminals Fernandina has an experienced workforce that offers stevedoring as well as turn-key services including freight-forwarding, trucking, rail shipments, warehousing, distribution and logistics management and is capable of handling bulk, break-bulk, project cargo, containerized and refrigerated cargoes, as well as steel and lumber. Worldwide Terminals Fernandina is an ideal multi-purpose port, located less than two miles from the open ocean, rail-served by a direct, on-dock rail connection to CSX, offering the most cost-efficient service in the Southeast region.
Please contact Chris Ragucci (904.990.1400); [email protected]) with any questions or for further information.