FastShip Joins Forces with Conrail
August 24, 2000
Philadelphia-based FastShip has entered into an agreement with Conrail to acquire a significant portion of a rail yard and dormant shipping terminal along the Delaware River in the Port Richmond section of Philadelphia. This is where the Schneider National-managed inland distribution network will connect to the high-speed cargo ships that will be crossing the Atlantic.
Beginning in 2004, FastShip will use fast ocean-going ships that travel at 38 knots -- 70% faster than the 22 knots of a normal container ship. Each ship will cross the Atlantic three times a week. Rather than containers and cranes, FastShip will reduce port time with trailer roll-on-roll-off service at dedicated facilities.
The Philadelphia rail site, which will be transformed into a modern transportation hub for FastShip's transatlantic network, will be the exclusive North American terminal for the company's delivery service of cargo from central Europe to the central United States.
The $125 million state-of-the-art terminal will open in 2004 and will nearly triple the amount of cargo currently passing through the Ports of Philadelphia and Camden.