Friday, August 24, 2012

Savannah Port Deepening Approved

CHARLESTON, S.C., Aug 23 (Reuters) - A $652 million deepening of the Savannah River shipping channel has been approved by the commander of the U.S. Army Corps of Engineers, according to a report made public on Thursday.

Savannah, the fourth largest container port in the nation according to the Department of Transportation, is among several South Atlantic ports that want to deepen their shipping channels for super-sized container ships expected to come through the expanded Panama Canal starting in 2014.

In July, the Obama administration announced a "We Can't Wait" initiative to fast-track the modernization of five East Coast ports, at Jacksonville, Miami, Savannah, New York/New Jersey and Charleston.

Miami has already received approval for the deepening of its port and dredging is due to begin in early 2013. Charleston's plans are still awaiting approval from the Corps of Engineers, as well as funding from Congress.

The army's final decision on the Savannah project is expected in November.

For the full article please click here

This is very interesting.  Due to the expansion of the Panama Canal, it will now be cheaper for Asian countries to "float" their goods from Asia to the major East coast markets in the United States, rather than sending them to Seattle or Long Beach and rail shipping products to the East Coast.  The effects could be drastic on both coasts as the West Coast will lose valuable dock jobs that will migrate East towards New York and Savannah.  Crane operators in Seattle and Long Beach make massive money unloading oceanliners, which is money thrust into local economies. 

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