New Investments in PortMiami Announced
- Business & Finance
On the heels of another record-breaking year for both cargo and cruise passengers, $33 million in State grants have been allocated to PortMiami over the next five years.
This is another important step that will help the Port better respond to the next generation of cruise and cargo business.
The positive performance report comes as PortMiami starts to receive the bigger ships that are already transiting via the expanded Panama Canal.
Approximately $1.3 billion were invested to dredge and widen PortMiami’s shipping channel to -50/-52 ft., complete a new port tunnel to speed vehicular traffic, acquire four Super-Post-Panamax cranes and build an on-port rail link.
The Port is big ship ready, and it anticipates continued growth as some of the world’s largest ocean carriers have formed alliances and deployed bigger vessels for their international shipping routes.
Additionally, cruise line partners have also announced their plans to expand business at the Port.
Royal Caribbean Cruises has begun work on a $200 million expansion that includes a new cruise terminal as part of a public-private partnership.
MSC Cruises plans to homeport its MSC Seaside in Miami beginning in the winter of 2017.
The $33 million in State grant allocations will also help fund the expansion to Cruise Terminal F into a mega cruise facility able to process more than 5,000 cruise passengers at a time.
Funds will also be utilized for the procurement of three additional Super-Post-Panamax cranes, as well as upgrades to cargo terminal yards in an effort to create efficiencies in operations for higher densities in container throughput.
In addition, the grants will help support the development of a future inland intermodal facility.