Panama Canal and Port Freeport (TX) Sign MOU

Tuesday, September 13, 2011

PARTNERSHIP FORMS AN ALLIANCE OF COOPERATION TO PROMOTE ECONOMIC GROWTH.

In what is touted to be another one of a series of new agreements with U.S. ports, the Panama Canal Authority (ACP) and Port Freeport in Texas established a strategic alliance today with the signing of a Memorandum of Understanding (MOU).

The partnership aims to increase international trade and create new business by promoting the all-water-route between Asia and the Gulf of Mexico of the United States through Port Freeport via the Panama Canal. Intended to last for one year, the partnership is renewable upon request of both parties. Under the conditions of the MOU, the parties have agreed to undertake joint initiatives to stimulate economic growth. Together, they will work on joint marketing efforts and information exchange. The MOU permits the parties to share information on subjects of interest, market study research, information on modernization and improvements, training programs and technological capabilities.

“The relationship we’ve established with Port Freeport will further our efforts to provide superior ocean access to accommodate the demand for international cargo through our region,” said ACP Administrator/CEO Alberto Alemán Zubieta. “This will improve navigational traffic and safety and allow the port to accommodate the next generations of larger cargo vessels.”

Located just three miles from deep water, Port Freeport is one of the most accessible ports on the Gulf Coast. Currently ranking 16th among U.S. ports in international cargo tonnage handled, the central Texas location offers efficient transportation via highway, railroad or intercoastal waterway. The 400-foot-wide, 45-foot-deep channel ensures a fast, safe turnaround. Port Freeport’s new Velasco Terminal, an 800,000 teu / multipurpose facility is scheduled to open phase one in the fall of 2012.

“This partnership was perfect for each of us because we are both interested in investing in infrastructure and growth. We each are building new facilities at a time when others are standing on the sidelines so it is only natural that we assist each other in the promotion of international trade in this hemisphere.” This partnership is a win, win, for each of us.” said Pete Reixach CEO of Port Freeport”    

The Canal’s expansion is on schedule, following the recent commencement of the permanent concrete work for the new locks. The $5.25 billion project includes the construction of a new set of locks that will allow the transit of longer and wider ships.

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

People & Company News

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Contracts

Wärtsilä to Begin Building LNG Terminal in January

Wärtsilä has been given full notice to proceed (NTP) from Manga LNG Oy for the supply of a liquefied natural gas (LNG) import terminal in Tornio, Northern Finland.

Polarcus Awarded 3D Project Off West Africa

Polarcus Limited has signed a letter of intent with Perenco Oil & Gas Gabon S.A. for a 3D marine seismic acquisition project offshore West Africa.   The project,

Boskalis, VolkerWessels Win Offshore Wind Farm Work

Royal Boskalis Westminster N.V., in partnership with Volker Stevin International (VolkerWessels), has been awarded a contract by Iberdrola Renewables Offshore Deutschland

Ports

Port Workers in Argentine Grain Hub End Strike

Port workers in part of the Argentine grains hub of Rosario lifted a work stoppage on Friday, only a day after they went on strike over demands for higher year-end bonuses, a union official said.

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Costa Rica Approves APM Terminals Project

Port operator APM Terminals, a unit of Denmark's A.P. Moller-Maersk, said on Friday Costa Rica's environment agency had approved the construction of its Moin Container Terminal project.

Finance

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Container Ships

NZ Report: Human Error to Blame for Rena Grounding

New Zealand's Transport Accident Investigation Commission (TAIC) published its final report into the grounding of containership Rena in October 2011. The TAIC’s

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Costa Rica Approves APM Terminals Project

Port operator APM Terminals, a unit of Denmark's A.P. Moller-Maersk, said on Friday Costa Rica's environment agency had approved the construction of its Moin Container Terminal project.

Dredging

Damen Builds Tug, Dredger for Nicaragua

The Nicaraguan port authority Empresa Portuaria Nacional (EPN) is set to take delivery of two newbuilds from Damen Shipyards Group. Damen built both vessels, a

Even 'Small' Vessels are Getting Bigger

The Shipowners’ Club is a mutual provider of P&I insurance that has throughout its 160 year history been dedicated to serving owners of small and specialist ships.

Container Volumes on the Rise in South Carolina

Container volume up 13 percent at South Carolina Ports Authority; Charleston benefiting from federal appropriations    The SC Ports Authority announced another

Government Update

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

MARAD Publishes US ATB, ITB Database

The U.S. Maritime Administration (MARAD) released what it is calling a first-of-its-kind public database that chronicles U.S.-flagged, privately owned domestic

Costa Rica Approves APM Terminals Project

Port operator APM Terminals, a unit of Denmark's A.P. Moller-Maersk, said on Friday Costa Rica's environment agency had approved the construction of its Moin Container Terminal project.

 
 
Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.2165 sec (5 req/sec)