Savannah gets $46.7m more for deepening harbour
Georgia Governor Nathan Deal visited the Port of Savannah yesterday to mark the passage of the state budget, including an additional US$46.7 million to help pay for the Savannah Harbour deepening.
The new money, passed by the General Assembly as part of the governor’s FY2013 budget request, brings the total of dedicated state dollars to $181.1 million.
“The strong support that business and elected leaders across Georgia have shown for this project is justified, based on federal findings,” Deal said. “A Corps of Engineers study has shown that investing in our harbour expansion will yield a 5.5:1 benefit to cost ratio – among the best for any Corps navigation project.”
Governor Deal’s visit comes after the April 11 release of the US Army Corps of Engineers’ final environmental impact statement and general re-evaluation report on the Savannah Harbour Expansion Project, which will deepen the shipping channel to 47 feet. The documents are the culmination of 15 years of economic and environmental study, and the final step necessary before federal regulatory agencies can decide on project approval.
“The Corps of Engineers study has shown the project will reduce shipping costs faced by private companies by at least $174 million a year,” Deal said. “That’s a price advantage that could make US goods more affordable in foreign markets, and a cost savings that will be felt nationwide.”
The harbour project is necessary to prepare for a new class of larger container ships that are nearly three times the capacity of those currently able to transit the Panama Canal. In 2014, the Panama Canal expansion will be completed and increase the maximum draft of vessels travelling to and from the US East Coast from 39.5 feet to as much as 50 feet. While the Port of Savannah regularly handles vessels that are too large to transit the Panama Canal today, these vessels cannot load to their capacity.
“Deepening the Port of Savannah is a key part of Governor Deal’s broader strategy to improve the movement of goods across and within Georgia, and to expand the state’s role as a global gateway for commerce,” said GPA executive director Curtis Foltz. “As we move toward the construction phase of this project, the state’s $181 million financial commitment sends a powerful message to the world that we are determined to meet the new demands of international trade.”
The new money, passed by the General Assembly as part of the governor’s FY2013 budget request, brings the total of dedicated state dollars to $181.1 million.
“The strong support that business and elected leaders across Georgia have shown for this project is justified, based on federal findings,” Deal said. “A Corps of Engineers study has shown that investing in our harbour expansion will yield a 5.5:1 benefit to cost ratio – among the best for any Corps navigation project.”
Governor Deal’s visit comes after the April 11 release of the US Army Corps of Engineers’ final environmental impact statement and general re-evaluation report on the Savannah Harbour Expansion Project, which will deepen the shipping channel to 47 feet. The documents are the culmination of 15 years of economic and environmental study, and the final step necessary before federal regulatory agencies can decide on project approval.
“The Corps of Engineers study has shown the project will reduce shipping costs faced by private companies by at least $174 million a year,” Deal said. “That’s a price advantage that could make US goods more affordable in foreign markets, and a cost savings that will be felt nationwide.”
The harbour project is necessary to prepare for a new class of larger container ships that are nearly three times the capacity of those currently able to transit the Panama Canal. In 2014, the Panama Canal expansion will be completed and increase the maximum draft of vessels travelling to and from the US East Coast from 39.5 feet to as much as 50 feet. While the Port of Savannah regularly handles vessels that are too large to transit the Panama Canal today, these vessels cannot load to their capacity.
“Deepening the Port of Savannah is a key part of Governor Deal’s broader strategy to improve the movement of goods across and within Georgia, and to expand the state’s role as a global gateway for commerce,” said GPA executive director Curtis Foltz. “As we move toward the construction phase of this project, the state’s $181 million financial commitment sends a powerful message to the world that we are determined to meet the new demands of international trade.”