The Alabama State Port Authority and AutoMOBILE International Terminal (AIT) this week signed a concession agreement for the $60 million automobile roll on/roll off (RO/RO) terminal currently under construction.

AIT will operate the facility when completed in early 2021.

The agreement was signed at the Port of Mobile. AIT is a joint venture between Terminal Zarate, S.A., a Grupo Murchison company headquartered in Buenos Aires, Argentina, and Neltume Ports, headquartered in Santiago, Chile.

“We’re extremely pleased to see these world class services companies invest in both our region and our port. AIT’s investment will create a new U.S. gateway for shipping finished automobiles for both U.S. and global manufacturing and consumer markets,” James K. Lyons, director and CEO of the Alabama State Port Authority, said in a statement.

The under-construction 57-acre (23.06 hectares) terminal is located on the ASPA’s main port multimodal complex, and when completed, will have an annual throughput of 150,000 units. The facility is located on Mobile Harbor and is serviced by five Class I railroads and a rail ferry service with connections throughout North America and immediate, unencumbered access to major U.S. interstate and highway systems.

The Port Authority and AIT over two years ago signed a Memorandum of Understanding regarding the automobile RO/RO terminal.

Sean Ross is the editor of Yellowhammer News. You can follow him on Twitter @sean_yhn