Panama Canal and Port Everglades sign MOU to strengthen trade

By signing the MOU, the ACP and Port Everglades agree to exchange information about their latest modernisation efforts. The ACP and Port will also work together to promote maritime trade. This could include joint advertising programmes, data interchange, and competitive market analyses of the shipping industry.

Port Everglades’ trade through the Panama Canal with the Far East and West Coast of South America reached 909,893 short tons in fiscal year 2008 or 15% of Port Everglades’ containerised cargo throughput. Currently, the Port is working toward increasing capacity to handle the larger ships that will transit the Canal post expansion. Slated for completion in 2014, the Panama Canal expansion project will build a new lane of traffic along the Panama Canal through the construction of a new set of locks, which will double capacity and allow more traffic and longer, wider ships.

Port Everglades has a roadmap for the future through a comprehensive Master/Vision Plan – including a five-year Capital Improvement Plan, and 10 and 20 year Vision Plans – that is designed to guide the Port’s growth efficiently. The Plan, approved in December 2007, includes an assessment of changing business trends and adjustments that have resulted from the post-9/11 environment and is estimated to cost US$2bn over a 20-year period.