The agreement includes an extension option for an additional five-year term if both parties agree.
RHT President and CEO Mike Stamatis said the cooperation with the port authority “should serve as a model for public-private partnerships and the continued revitalization of public maritime assets.”
RHT has managed the Red Hook Container Terminal since 2011 and occupies Piers 9-10 at the Port Authority Brooklyn Marine Terminal. More than 1,000 people are employed at the facility.
Rep. Nydia M. Velázquez, D-N.Y., added, “I also look forward to its expansion at South Brooklyn Marine Terminal. The more freight that can move by water and rail, the fewer vehicle miles traveled by trucks on our roads and bridges. This means less wear and tear on our road and highway infrastructure and a reduced environmental impact.”