“Now that the concern of litigation has been resolved by a universal settlement, this vital project will move forward,” said Georgia Port Authority (GPA) chairman Robert Jepson. “The expanded harbour will perfectly complement Savannah’s landside infrastructure, which includes two Class I railroads, and direct access to Interstates 95 and 16.”
The $652m channel deepening project, $231m of which will come from the State treasury, is aimed at accommodating the larger vessels calling at East Coast ports through the Panama Canal as of 2015, when expansion is scheduled to be completed, the GPA says, allowing access to vessels up to “around” 9,000teu.
The US Army Corps of Engineers calculates the planned Savannah Harbour improvements will save shippers $213m per year, or more than $10bn over the life of the project. Meanwhile, economic studies show the $652m investment will pay for itself many times over, returning $5.50 in benefits to the nation for each dollar invested.
“We are very encouraged that both states have been able to resolve this matter, and allow a project that is critical for our national and regional economies to move forward,” said Georgia Governor Nathan Deal.
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