Governor Approves $46.7m for Harbor Deepening

(Press Release)
Wednesday, April 25, 2012

Georgia Governor, Nathan Deal visited the Port of Savannah on April 24, 2012 to mark the passage of the state budget, including an additional $46.7 million to help pay for the Savannah Harbor deepening.
The new money, passed by the General Assembly as part of the Governor’s FY2013 budget request, brings the total of dedicated state dollars to $181.1 million.
“The strong support that business and elected leaders across Georgia have shown for this project is justified, based on federal findings,” Deal said. “A Corps of Engineers study has shown that investing in our harbor expansion will yield a 5.5:1 benefit to cost ratio – among the best for any Corps navigation project.”
Governor Deal’s visit comes after the April 11 release of the U.S. Army Corps of Engineers’ final environmental impact statement and general re-evaluation report on the Savannah Harbor Expansion Project, which will deepen the shipping channel to 47 feet. The documents are the culmination of 15 years of economic and environmental study, and the final step necessary before federal regulatory agencies can decide on project approval.
“The Corps of Engineers study has shown the project will reduce shipping costs faced by private companies by at least $174 million a year,” Deal said. “That’s a price advantage that could make U.S. goods more affordable in foreign markets, and a cost savings that will be felt nationwide.”
Georgia Ports Authority Board Chairman Alec Poitevint thanked the governor for making the ports a high funding priority.
“We are honored that the governor chose to commemorate the passage of this important funding legislation here at the Port of Savannah,” Poitevint said, adding that the harbor deepening is a vital part of continuing the state’s export-dominant status. In fiscal year 2011, export throughput comprised 53 percent of the GPA’s total containerized cargo.
“The larger ships accommodated by the greater channel depth will reduce shipping costs per container, making it more affordable for domestic producers to reach international markets,” Poitevint said.
The harbor project is necessary to prepare for a new class of larger container ships that are nearly three times the capacity of those currently able to transit the Panama Canal. In 2014, the Panama Canal expansion will be completed and increase the maximum draft of vessels traveling to and from the U.S. East Coast from 39.5 feet to as much as 50 feet. While the Port of Savannah regularly handles vessels that are too large to transit the Panama Canal today, these vessels cannot load to their capacity.
“Deepening the Port of Savannah is a key part of Governor Deal’s broader strategy to improve the movement of goods across and within Georgia, and to expand the state’s role as a global gateway for commerce,” said GPA Executive Director Curtis Foltz. “As we move toward the construction phase of this project, the state’s $181 million financial commitment sends a powerful message to the world that we are determined to meet the new demands of international trade.”
Georgia’s deepwater ports and inland barge terminals support more than 295,000 jobs throughout the state annually and contribute $15.5 billion in income, $61.7 billion in revenue and $2.6 billion in state and local taxes to Georgia’s economy.The Port of Savannah was the second busiest U.S. container port for the export of American goods by tonnage in FY2011. It also handled 8.7 percent of the U.S. containerized cargo volume and 12.5 percent of all U.S. containerized exports in FY2011.
 


People & Company News

China Cosco Sinks into Red

Dragged by lackluster freight rates in the maritime transport market during the first half of 2016, China Cosco Holdings logged a 7.2 billion yuan ($1.07 billion) net loss for the January-June half,

DNV GL Backs John Laing on First Offshore Wind Investment

DNV GL successfully completed its due diligence work of the offshore wind farm “Nordergründe” in the North Sea, reviewing and quantifying the technical risks of the project.

MobileOps Pursuing Maritime Business

Redmond, Wash. based MobileOps, Inc., a software company specializing in the design and development of maritime software applications (dispatch, safety, compliance,

Ports

India Shipping Ministry Enlarges Scope of Sagarmala

India's Ministry of Shipping has formulated a revised Central Sector Scheme to provide financial support to Major and Non-Major Ports as well as State Governments

MPA Academy’s Port Management Program Attracts Global Maritime Officials

The 3rd Port Management Programme (PMP), one of the flagship programmes developed by the MPA Academy for port masters, harbour masters and middle managers from

Singapore to Focus on Improving Navigational Safety

The Maritime and Port Authority of Singapore (MPA) launched the first-ever International Safety@Sea Conference in Singapore.    The conference will run for two days and concludes on 31 August 2016.

Finance

China Cosco Sinks into Red

Dragged by lackluster freight rates in the maritime transport market during the first half of 2016, China Cosco Holdings logged a 7.2 billion yuan ($1.07 billion) net loss for the January-June half,

India Shipping Ministry Enlarges Scope of Sagarmala

India's Ministry of Shipping has formulated a revised Central Sector Scheme to provide financial support to Major and Non-Major Ports as well as State Governments

Industry Wants Hanjin Shipping to Merge with Hyundai Merchant Marine

The Korea Shipowners’ Association (KSA) has officially suggested Hanjin Shipping merge with Hyundai Merchant Marine (HMM) to prevent  court receivership and liquidation, reports Business Korea.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Ship Electronics Ship Repair 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: 0.1156 sec (9 req/sec)