Additional $50 Million Approved for Savannah Port Deepening

Press Release
Tuesday, April 02, 2013

The $50 million in additional port deepening funds proposed by Georgia Gov. Nathan Deal has been approved by the state legislature and now awaits the governor’s signature. Along with previous funding, Georgia has allocated $231.1 million toward the state’s portion of the Savannah Harbor Expansion Project (SHEP).

Deepening the Savannah Harbor from 42 to 47 feet will accommodate an increase in the number of super-sized container vessels transiting the Panama Canal after its 2015 expansion. With a deeper channel, larger and more heavily laden ships can arrive and depart with greater scheduling flexibility. These “Post Panamax” vessels will mean lower shipping costs per container slot.

“This infrastructure investment is crucial not just for the port, but for the economy of Georgia and the entire Southeast,” said Deal. “A deeper Savannah Harbor means greater efficiency for 21,000 U.S. companies, 75 percent of which are headquartered outside of Georgia.  A U.S. Army Corps of Engineers study has shown that SHEP will reduce shipping costs for private companies by at least $213 million a year.  Neither Georgia nor this nation can afford to delay a project that provides customers with a tool that reduces their costs.”

The new funding was part of Gov. Deal’s FY2014 budget request, and included in the final version of the state spending plan passed by the General Assembly Thursday.

“The strong actions by the General Assembly and the governor indicate the level of commitment across the state to see the harbor deepening completed,” said GPA Board Chairman Robert Jepson. “We appreciate the broad support among state leaders for our deepwater ports, which serve as economic engines supporting 352,000 jobs across Georgia.”

Overall, the cost of the project is anticipated to be $652 million. The Record of Decision, signifying final federal approval for the project, was issued in October 2012, clearing an important hurdle toward federal construction dollars.

“The Record of Decision means the project has been determined safe for the environment by our federal agencies, including the Environmental Protection Agency, the Fish and Wildlife Service and the National Marine Fisheries Service,” said GPA Executive Director Curtis Foltz. “Additional studies by the Army Corps of Engineers show a 5.5-to-1 benefit to cost ratio, meaning that for every dollar spent on the deepening, the nation will reap $5.50 in benefits.”

The planned new depth of 47 feet strengthens the Port of Savannah’s position as a major global trade destination, allowing it to more efficiently accommodate Post-Panamax containerships. Additionally, general navigation will be improved, with wider channel turns and a larger turning basin. The Savannah River, which features a seven-foot tidal change twice a day, will continue to host two-way containership traffic.

 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Bayport Dredging a Step Closer; Barbours Cut Pending

The U.S. Army Corps of Engineers has furnished the Port Authority its draft permit for the Bayport Channel Improvement project, Executive Director Roger Guenther

Petroecuador Tenders to Buy High Octane Naphtha

State-run Petroecuador has launched two tenders to buy a total of 22 cargoes, 240,000 barrels each, of high octane naphtha RON 87 and 93 for delivery starting on May 21-23,

DP World in Talks With Banks for $3b Loan

Dubai-owned port operator DP World is in talks with lenders to triple the size of an existing $1 billion loan, as well as extend the lifespan and reduce the interest rate,

Finance

Singapore's Marine & Offshore Sector Powering Output

Singapore's first-quarter growth could be revised higher after data on Friday showed unexpectedly strong industrial output in March, double the pace of market expectations,

Gulf Island Fab Reports Q1 2014 Revenue Increase

Houston headquartered Gulf Island Fabrication, Inc. reported net income of $3.5 million ($0.24 earnings per share) on revenue of $134.7 million for its first quarter ended March 31,

Matson Declares Q2 2014 Dividend

Leading US carriers in the Pacific, Matson, Inc., apprises it has declared a second quarter 2014 dividend of $0.16 per common share. "Today's authorization continues

Container Ships

Dry Bulk Carrier Newbuilding Orders Surge

Dry bulk carrier newbuilding orders predominate among the contracts reported in the latest issue of the Clarkson Hellas S&P Weekly Bulletin. Dry bulk carriers One

Matson Declares Q2 2014 Dividend

Leading US carriers in the Pacific, Matson, Inc., apprises it has declared a second quarter 2014 dividend of $0.16 per common share. "Today's authorization continues

At Hamburg port E-mobility Project, BESIC enters crucial phase

Ten battery-operated heavy goods vehicles now transport containers between ships and the yard at the highly automated handling facility in the HHLA Container Terminal Altenwerder (CTA).

Dredging

GLDD Sells Historic Demolition Business

Largest provider of dredging services in the United States, Great Lakes Dredge & Dock Corporation (GLDD) informs it has completed the sale of NASDI, LLC and Yankee Environmental Services,

Bayport Dredging a Step Closer; Barbours Cut Pending

The U.S. Army Corps of Engineers has furnished the Port Authority its draft permit for the Bayport Channel Improvement project, Executive Director Roger Guenther

IHC Merwede Secures TSHD Order from TNPA

IHC Merwede has been awarded the contract for the design, construction and delivery of a 5,500m3 trailing suction hopper dredger (TSHD) to Transnet National Ports Authority (TNPA) in South Africa.

News

Bayport Dredging a Step Closer; Barbours Cut Pending

The U.S. Army Corps of Engineers has furnished the Port Authority its draft permit for the Bayport Channel Improvement project, Executive Director Roger Guenther

At Hamburg port E-mobility Project, BESIC enters crucial phase

Ten battery-operated heavy goods vehicles now transport containers between ships and the yard at the highly automated handling facility in the HHLA Container Terminal Altenwerder (CTA).

Life Rafts Not Functioning On Sunk Ferry's Sister Ship

South Korean investigators said on Friday that life rafts and escape chutes on a sister ship to a sunken ferry were not working properly. The Sewol ferry, weighing almost 7,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1377 sec (7 req/sec)