Panama Canal, ports sign agreements
| Ferrin |
Two U.S. ports signed agreements with the Panama Canal this week in anticipation of the canal adding a third, larger set of locks to accommodate bigger ships by 2014.
Alberto Alem'n Zubieta, the Panama Canal Authority administrator and chief executive officer, and Rick Ferrin, Jacksonville Port Authority CEO, launched what they called a strategic partnership Tuesday with the signing of a memorandum of understanding in a ceremony at the historic Panama Canal Administration.
'We regard the opening of the new locks as the beginning of a profound transformation in global cargo patterns, specifically for cargo flowing from and into the United States,” Ferrin said. “We'll be ready for the completion of the new locks and the dramatic increase of our canal cargo volume.'
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| Lyons |
On Wednesday, Alem'n Zubieta signed a similar agreement with James K. Lyons, director and CEO of the Alabama State Port Authority.
'We view Far East trade through the expanded canal as most significant for both our port and our state,' Lyons said. 'The expansion will increase traffic, as well as accommodate larger vessels, currently serving Asian trade lanes.'
He noted the state port authority has embarked on port improvements to capture the anticipated traffic growth from the canal expansion, including a $300 million container terminal built in partnership with APM Terminals North America, a sister company of Maersk Line, and CMA CGM.
The port has begun work on a new turning basin in the lower harbor for large vessels to access the port's deeper draft terminals. The Port is also constructing an intermodal rail facility.