$50m More for $650m Port Deepening Project

Press Release
Monday, November 19, 2012

Gov. Nathan Deal has announced that as part of his FY2014 budget proposal, he will seek an additional $50 million in funding for the Savannah Harbor Expansion Project at the Georgia Ports Authority Board meeting.


 
“I am committed to allocating funds and time to this pivotal link in our logistics network,”said Deal. “Expanding the Savannah Harbor is vital to our renewed economic growth and plays an integral role in helping make our state the No. 1 place in the nation in which to do business.”


 
If approved, the proposal will increase state funding for the deepening project to $231.1 million.


 
“Studies indicate that the port deepening will reduce shipping costs by at least $213 million a year,” said Georgia Ports Authority Board Chairman Robert Jepson. “The 5.5-to-1 benefit-to-cost ratio demonstrates that the expenditure would be a wise investment of federal dollars.”


 
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, allowing for construction to begin in 2013.


 
“The milestone decision made thus far by our federal agencies along with strong support from the state signifies great confidence in the surety and soundness of our deepening plan,” said Georgia Ports Authority Executive Director Curtis Foltz. “We are and will continue to work diligently with our leaders in Washington to cultivate further funding for a successful port deepening.”
 

 

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

Ports

Port of Long Beach to the Rescue of Birds

The Port of Long Beach announced Tuesday that it is expanding its partnership with International Bird Rescue, a global expert in oiled wildlife emergencies and aquatic bird care,

Evergreen Line's Ital Lunare to Make Maiden Call in Boston

As part of the new service linking North Asia and the U. S. East Coast (NUE2), Evergreen Line's containership Ital Lunare will make the first ever direct call into

Search Suspended for Man Overboard near Cedar Bayou

The U.S. Coast Guard suspended its search Tuesday for a man who went missing after his shrimp boat overturned Monday near Cedar Bayou on the Houston Ship Channel.

Logistics

HK's COSCO International Reports Strong Profit Growth

For the  six months ended 30th June 2014, shipping services provider COSCO International has announced that its 2014 Interim Results show strong profit growth with Net Profit up 45% YOY.

Asia–U.S. Container Lines to Introduce Freight Increase

The Transpacific Stabilization Agreement (TSA) informs that member container shipping lines are proposing an across-the board general rate increase (GRI) of at

CEVA Expands Presence in Los Angeles Market

CEVA Logistics, one of the world’s leading supply chain management companies, today announced the expansion of its Los Angeles (LAX)/Torrance freight management operation.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Ship Electronics Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1243 sec (8 req/sec)