American Great Lakes Ports Association and Canadian Chamber of Marine Commerce said investments in the Seaway came from both the public and private sector.
The American Great Lakes Ports Association and the Canadian Chamber of Marine Commerce released the results of a year-long infrastructure investment survey.
The survey, commissioned by a group of Great Lakes-Seaway maritime industry stakeholders from both the U.S. and Canada, was designed to document public and private sector investments being made throughout the Great Lakes-St. Lawrence Seaway between 2009 and 2013, as well as money currently committed for future years. It included more than 600 vessel operators, ports, terminals, and government agencies.
According to the survey, public and private sectors spent a total of $7 billion on asset renewal and infrastructure improvements, committing another $2.2 billion for future investments.
In addition, ship owners are spending over $4 billion on vessel fleet renewal for the Great Lakes, the most in 30 years, and states and provinces are investing a total of $2.9 billion in port, terminal and waterway infrastructure.
Data in the survey, conducted by Martin Associates of Lancaster, Pennsylvania, is broken out by industry sector, country, state and province, and public or private sector.
U.S. Saint Lawrence Seaway Development Corporation Administrator Betty Sutton said the survey shows a significant investment from both public and private sectors and “signals a long term commitment to Great Lakes Seaway shipping.
“Through our Asset Renewal Program,” Sutton added, “the Saint Lawrence Seaway Development Corporation is making the necessary investments to provide for a modernized infrastructure and cutting edge technology to ensure the safety, efficiency and reliability of the System for vessel traffic. Collectively, these financial investments reflect confidence in marine transportation as the most fuel-efficient, cost-effective and environmentally-friendly way to move goods to and from the ‘Opportunity Belt’ – the heartland of North America.”
Steve Fisher, executive director of the American Great Lakes Ports Association said “The survey results quantify what the Great Lakes maritime industry has long suspected – that businesses are bullish on the future of the region’s economy. Hundreds of individual companies have independently made the same decision – to risk capital and reinvest in the Great Lakes maritime industry. The monies being spent reflect a commitment to the health and safety of the workforce as well as the environment. New technology and equipment will ensure that cargo moves efficiently, sustainably, and safely.”
Survey: Investors pump $7 billion into Great Lakes-St. Lawrence Seaway shipping industry
