Marine Industrial Park | Seaport

stellarfun

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Ginkgo gets bigger and raises more money.
Ginkgo Bioworks Inc., which calls itself an “organism design” company, has agreed to go public in a $17.5 billion merger with a blank-check firm backed by former Hollywood executive Harry Sloan.

The transaction includes a $775 million private placement led by Baillie Gifford, Putnam Investments and Morgan Stanley Investment Management’s Counterpoint Global arm. Cathie Wood’s Ark Investment Management LLC, Bain Capital’s public equity arm, Bill Gates’s Cascade Investment LLC and T. Rowe Price Associates Inc. are also participating
What Ginkgo does:
The underlying principle of Ginkgo’s business is that biology is programmable in a way analogous to computers -- just using the four basic chemical building blocks of DNA sequencing instead of zeros and ones.
...
“If you find a company like Ginkgo, which we call a category of one -- meaning it’s not only the leader in the field but it created the field itself -- those companies make great sense as a SPAC,” Sloan said in an interview.

Additionally, a recent McKinsey Global Institute report estimated that the overall market for bioengineered products from which Ginkgo could receive a value share is estimated to reach $2 to $4 trillion in the next 10 to 20 years. The capital raised in this transaction will dramatically increase the scale of Ginkgo's platform and empower an ecosystem for cell programmers, accelerating the number of new programs able to launch on Ginkgo's platform every year.
 

shmessy

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Ginkgo gets bigger and raises more money.


What Ginkgo does:





Understatement of the Year: That humble Marine Industrial Park is about to become a helluva lots less humble, folks!

.
 

stellarfun

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[Ginkgo] which projects a 17-fold increase in revenue by 2025 [to $1+ billion] and a future in which the company launches 10 times as many programs in a year as it has done in its entire history.
^^^From STAT, a John Henry / Boston Globe health sciences newsletter, which cited an investor pitch, to which they linked.

I had a bit of trouble scaling this 66 page prospectus filed with the SEC to fit on a monitor screen, and some images I had to manually load. But here is the link from STAT.
https://www.sec.gov/Archives/edgar/...il&utm_term=0_8cab1d7961-0a3650c7c0-151507929[
 

Blackbird

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For financially savvy folks: would it make sense to buy some SRNG or wait until they change their ticker symbol?
 

BostonTrainGuy

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It's been almost 20 years (2003) since Massport posted this drawing of the planned new rail line into the MMT. Is this really going to finally happen?

2003121122450215598.jpg
 

BeeLine

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BostonTrainGuy

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I don't know about this. First of all:

"In addition to its existing bulk-stuff operations, Eastern would also look at repairing the North Jetty dock that would be capable of handling "Panamax" ships - which are the largest ships that can travel through the Panama Canal"

That's fine except they couldn't unload the ships because it's too close to Logan Airport to have the necessary crane height clearance. This is kind of crazy talk.

Also, wasn't New Bedford supposed to be the wind turbine port in Massachusetts?

I am not impressed with this yet but I am happy that Massport wants to maintain the parcel for maritime use. The comment:

"Bulk shipping of other large cargoes, such as aggregate materials and the unloading of large items for construction and road projects that are not easily transported on crowded urban roads."

This is what capability Massport wanted and it sounds like a logical rail related activity, but there doesn't seem to be any railroad tracks on the plan. This may not be the plan a lot of us were hoping for.

UPDATE: Now that I think about it, Massport has had this capability with existing rail-on-dock at the very end of Track 61. As far as I know it has never been used.
 
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Vivanna

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I don't know about this. First of all:

"In addition to its existing bulk-stuff operations, Eastern would also look at repairing the North Jetty dock that would be capable of handling "Panamax" ships - which are the largest ships that can travel through the Panama Canal"

That's fine except they couldn't unload the ships because it's too close to Logan Airport to have the necessary crane height clearance. This is kind of crazy talk.

Also, wasn't New Bedford supposed to be the wind turbine port in Massachusetts?

I am not impressed with this yet but I am happy that Massport wants to maintain the parcel for maritime use. The comment:

"Bulk shipping of other large cargoes, such as aggregate materials and the unloading of large items for construction and road projects that are not easily transported on crowded urban roads."

This is what capability Massport wanted and it sounds like a logical rail related activity, but there doesn't seem to be any railroad tracks on the plan. This may not be the plan a lot of us were hoping for.
I don't know about this either... I think Monahan made a great point (from the Universalhub link above):


Board member Michael Monahan tore into the proposal, however, saying the land should be put out to bid again, because the company has yet to provide details on just what it would do on the land, because he doesn't see many good marine-related jobs with the proposal and because the last thing South Boston needs is a 30-foot-high salt pile, no matter how colorful the cover on it might be.

There's really nothing concrete on what you're going to put there," he said. "I don't see the jobs. even if you loaded that place up with salt."
 

sidewalks

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Thank you Mr. Monahan...finally someone with some common sense. It's also worth mentioning that the terrain has changed dramatically since this went out to bid originally. The Feds are now focused on infrastructure. Boston could likely get Federal dollars to pay for wharf improvements rather than trading such improvements in exchange for a giant salt pile that creates no jobs and is a blight on the area.
 

stellarfun

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Monahan is vice president of the IBEW. He favors developments that put members of his union to work.

Special trains are used to move oversized turbine blades. Not sure how these monsters could arrive at Boston or at any port in MA except by sea.

https://youtu.be/KmiVx28stbM
 

F-Line to Dudley

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Monahan is vice president of the IBEW. He favors developments that put members of his union to work.

Special trains are used to move oversized turbine blades. Not sure how these monsters could arrive at Boston or at any port in MA except by sea.

Brayton Point's being used for turbine assembly in large part because turbine contractors are buying up a lot of disused ex- coal barges for moving them. Nothing remotely Panmax required. That quote is suspect as hell, because it entails a *bulk* of component assembly that's some order of magnitude greater than what the largest currently-permitted wind farm under construction in North America is planning to use for real-world construction transport. Port of New London, CT inked an agreement for a major assembly facility there to be both rail (NECR) and barge-served. Same deal: cheapo ex- coal barges doing most of the seafaring work.

I'm sure there's quite very legitimate Panmax uses for North Jetty worthy of sprucing it up for redev, but turbine parts probably isn't that specific function. It's something else.


We've also got no shortage of dockspace locally for amassing salt piles. Chelsea x3, and Quincy Harbor already do it...and Chelsea can take Panmaxes now because the Harbor dredging work is completed for that lane. If Metro Boston needed storage expansion for ship-delivered salt, there's a far easier path to Pile 4/Berth 4 in Cherlsea than spending to fix up a pier at Marine T. I mean, sure, if that's the interim function pre-prepping the site for a final permanent commercial tenant it's a sensible enough plan to span a few years' wait. But that's not a move they make without knowing the final tenant...and, crucially, naming that tenant for us. Weak-sauce deflection, and Monahan was correct in poking holes in it in a public forum. Somebody's not giving us the full story here.
 

Vivanna

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Thank you Mr. Monahan...finally someone with some common sense. It's also worth mentioning that the terrain has changed dramatically since this went out to bid originally. The Feds are now focused on infrastructure. Boston could likely get Federal dollars to pay for wharf improvements rather than trading such improvements in exchange for a giant salt pile that creates no jobs and is a blight on the area.
Agree with this and F-Line "Somebody's not giving us the full story here."
 

BostonTrainGuy

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Agree with this and F-Line "Somebody's not giving us the full story here."
It might simply be a "temporary" place holder for the property to generate some income on a piece of real estate that has great potential but hasn't been able to find a proper suitor. Massport gets some return from the place, gets a major pier rebuilt for free and retains the area for future better maritime usage. It's not like they haven't tried to get this area active. Maybe the salt business will occupy a consistently smaller part of the property over the years as they find more and more bulk cargo business.
 

stellarfun

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It's always wise not to take all reporting at face value, and to look at the underlying documentation. In this instance, the BPDA staff report.
https://www.universalhub.com/files/parcelm.pdf

In which we learn, that the salt company is already leasing the larger parcel associated with the North Jetty from Massport, and has committed to spending $30 million to improve berthing space at the North Jetty in conjunction with that lease. The BPDA parcel, Parcel M, is the smaller of the parcels, and the salt company proposes to spend $3.5 million in improvements to this parcel.

There were previous solicitations for the BPDA-owned parcel, without a successful bid. The three bids for the current round were 1.) a company wanting to use an existing building on the site as a training school for glaziers (rejected as a non-maritime use); 2.) a company proposing to construct a large warehouse for DHL, the logistics company; and 3.) the salt company.

The salt company expects to use the Massport parcel for salt storage, not the BPDA parcel.

This is a link to Google Streetview of Parcel M, and the existing building on the site, currently used by several city departments.

https://goo.gl/maps/nwyEttk7AfPrGozm8

This is Streetview link to Massport parcels 7 and 8, where the salt company will spend $30 million to allow deep draft ships to dock at the North Jetty. The small warehouse will be retained and renovated.

https://goo.gl/maps/FgeUX4qhp5ZBB2Jv9
 

BostonTrainGuy

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It's always wise not to take all reporting at face value, and to look at the underlying documentation. In this instance, the BPDA staff report.
https://www.universalhub.com/files/parcelm.pdf

In which we learn, that the salt company is already leasing the larger parcel associated with the North Jetty from Massport, and has committed to spending $30 million to improve berthing space at the North Jetty in conjunction with that lease. The BPDA parcel, Parcel M, is the smaller of the parcels, and the salt company proposes to spend $3.5 million in improvements to this parcel.

There were previous solicitations for the BPDA-owned parcel, without a successful bid. The three bids for the current round were 1.) a company wanting to use an existing building on the site as a training school for glaziers (rejected as a non-maritime use); 2.) a company proposing to construct a large warehouse for DHL, the logistics company; and 3.) the salt company.

The salt company expects to use the Massport parcel for salt storage, not the BPDA parcel.

This is a link to Google Streetview of Parcel M, and the existing building on the site, currently used by several city departments.

https://goo.gl/maps/nwyEttk7AfPrGozm8

This is Streetview link to Massport parcels 7 and 8, where the salt company will spend $30 million to allow deep draft ships to dock at the North Jetty. The small warehouse will be retained and renovated.

https://goo.gl/maps/FgeUX4qhp5ZBB2Jv9

Yeah, very good information there. I did have to chuckle at the statement:

Their plan would also facilitate the linking of MMT Parcels 7 and 8 to Parcel M through an internal truck circulation route to decrease traffic on FID Kennedy Avenue and Dolphin Way.

Umm . . . what traffic? It's a dead end street that goes nowhere mostly surrounded only by them? Strange comment.
 

Vivanna

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Yeah, very good information there. I did have to chuckle at the statement:

Their plan would also facilitate the linking of MMT Parcels 7 and 8 to Parcel M through an internal truck circulation route to decrease traffic on FID Kennedy Avenue and Dolphin Way.

Umm . . . what traffic? It's a dead end street that goes nowhere mostly surrounded only by them? Strange comment.
I agree, it always seems very quiet on FID Kennedy Ave., but it is the main truck route for the drydock and for Cannistraro's huge fabrication facility, maybe they want to stay away from that?
 

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