USA: GPA Achieves Strong Growth
- Business & Finance
The Georgia Ports Authority has moved more than 2 million twenty-foot equivalent container units (TEUs) so far this fiscal year (July-February), for an increase of 6.2 percent or an additional 119,318 TEUs.
“The strong growth experienced throughout our business sectors this fiscal year demonstrates the resilience and strength of the Southeast market, and a positive return on the continued investments in Georgia’s ports, rail, roads and logistical supply chain,” GPA Executive Director Curtis Foltz said.
Foltz said he expects similar growth through the final quarter of the fiscal year.
In total, the GPA moved 19.2 million tons of cargo in the fiscal year to date, an increase of 7.6 percent, or 1.3 million tons. Growth across major cargo sectors contributed to the improvement.
Foltz also reported that the FY2015 state budget approved by the Georgia General Assembly includes an additional $35 million in state funds for the Savannah Harbor Expansion Project. This funding, initially proposed by Gov. Nathan Deal, brings the state allocation to $266 million, fulfilling Georgia’s portion of the total project costs estimated at $652 million.
“Georgia stands ready to begin the harbor deepening, and we are working with the U.S. Army Corps of Engineers to complete all pre-construction activities allowed,” said GPA Board Chairman Robert Jepson. “The GPA and the Corps of Engineers have a draft cost-sharing agreement ready to sign as soon as Congress passes the Water Resource Development Act – a measure which will update the budget amount to the current estimate of $652 million.”
Press Release, March 24, 2014