$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.”
 

 


Ports

Vitol's Malaysia Terminal Suspends Ops after Spill

VTTI, the storage unit of world's largest oil trader Vitol, has suspended operations at its terminal in southern Malaysia following an oil spill, two industry sources said on Friday.

Shenzhen Port to Adopt China ECA Regulation

China's Shenzhen port is set to to adopt requirements for ships at berth requiring to burn marine fuel with sulfur content not exceeding 0.5 percent starting October this year,

Cochin Port Gets a Little 'Breathing Space'

The Cabinet Committee on Economic Affairs of India, chaired by the Prime Minister Narendra Modi, has given its approval for waiver of penal interest on Government

Logistics

Rickmers Holding, E.R. Capital Drop Merger Plan

Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities.   For many years the companies

Vitol's Malaysia Terminal Suspends Ops after Spill

VTTI, the storage unit of world's largest oil trader Vitol, has suspended operations at its terminal in southern Malaysia following an oil spill, two industry sources said on Friday.

MN100: TPG Marine Enterprises, LLC

The Company: TPG Marine Enterprises, LLC is an operations, logistics and consulting company that specializes in all aspects of cargo movement on the Inland Waterways System.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.0865 sec (12 req/sec)