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CPA OKs renewal of Saipan Shipping lease
The Commonwealth Ports Authority board approved in mid-March Saipan Shipping Co.’s option to extend its lease at Charlie Dock.
Saipan Shipping, represented by Janet King, appeared before the board to urge it to approve the company’s extension application for 10 more years. According to SSC president Juan S. Tenorio, their lease agreement with CPA is valid for 40 years, with their latest extension the last for their term in the area.
“The additional 10 years is our option to renew. We’ve finished 30 already, so this is the last extension,” said Tenorio.
After 10 years, it would be up to CPA whether to allow Saipan Shipping to renew its lease again.
Saipan Shipping, a business that operates on a 2,000-square-meter property at Charlie Dock, has a building in the area.
The company does business with Guam’s Seabridge and Japan’s Kyowa Shipping Co., to name a few.
The company prides itself as one of the oldest private closed corporations on Saipan. Established in 1956, the company has been operating for more than 60 years.
“We’ve been running this business for the last 60 years. Last year was our 60th anniversary,” said Tenorio.
When asked whether the company would renew their lease after 10 years, Tenorio replied, “We want to reach another 60 years.”
“The company is very strong and with connections to outside of the Commonwealth We have proved for 60 years that we are doing our part in terms of bringing cargo from outside of the CNMI,” he added.
