June 27, 2016
The nine-year, $5.4-billion Panama Canal expansion project is complete. The expansion is anticipated to increase Eastern U.S. port business by 10% over the next five years. The canal could also boost energy exports of crude, petroleum products, and liquefied natural gas.
But not all the U.S. ports are ready for larger ships. Norfolk, VA; Baltimore and Miami are prepared, but ports in Charleston SC and Savannah GA are not. Additionally, the Bayonne Bridge project in New Jersey is blocking access to three of the Port of Authority of New York and New Jersey’s largest terminals. The project, which will raise the Bayonne Bridge so the post-Panamax ships can pass underneath, is scheduled for late 2017 completion.