MARYLAND PORT ADMINISTRATION AND PANAMA CANAL RENEW TIES

News Release Panama Canal Authority June 27, 2011

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Memorandum
of Understanding Will Help Joint Activities As Port of Baltimore Readies Itself
For Larger Ships and More Cargo 
(BALTIMORE, MD) --- The Maryland Port
Administration (MPA) and Panama Canal Authority (ACP) have renewed their
Memorandum of Understanding (MOU) agreement for five additional years as the
Panama Canal expansion project continues and the Port of Baltimore anticipates
the completion of a 50-foot container berth that is expected to bring larger
ships and more cargo to Maryland.  The goal of the MOU is to generate new
business opportunities between Asia and the Port of Baltimore through the Panama
Canal, as well as facilitate information sharing and exchange best practices
between the two organizations.  The agreement was signed by MPA
Administrator James J. White and ACP Administrator/CEO Alberto Alemán Zubieta. 

“We are very happy to renew this
agreement with the Panama Canal Authority as we get closer to one of the key
datelines in the history of container shipping,” said MPA Executive Director
White.  “Once the Panama Canal project is completed, the largest container
ships in the world will be able to transit through and bring that business to
East Coast ports that have the capabilities to handle those huge ships. 
After our 50-foot berth is finished, Baltimore will be one of those ports.”

The MPA and ACP signed their original
MOU in May 2009.  The extension will allow the continued exchange of joint
marketing activities, research and data, planning studies, and training
programs.   
“We, at the Panama Canal, are honored
to renew our partnership with the Maryland Port Administration,” said ACP
Administrator/CEO Alberto Alemán Zubieta. “We are both committed to reaping the
full benefits of an expanded Canal for our customers and the people of Maryland
and
Panama.”                                                                   

Port Administration Renews Agreement
with Panama Canal 
The Port of Baltimore’s 50-foot
container berth is scheduled to be completed in August 2012.  Including
current construction, the project will support 5,700 jobs and, when completed,
accommodate larger ships and attract more cargo to Baltimore.  With the
completion of the Panama Canal expansion in 2014, it is expected that a larger
number of ships, including new supersized ships, will travel to East Coast ports
to reach customers quicker and more economically than traveling to West Coast
ports and transporting cargo across the country via rail.  At the opening
of the expanded Panama Canal, Baltimore will be only one of two East Coast ports
capable of receiving these large vessels.  
The 50-foot berth is a key element of
the 50-year agreement between the MPA and Ports America Chesapeake to lease and
operate the state-owned 200-acre Seagirt Marine Terminal that began in January
2010.  Ports America is investing in other necessary infrastructure at
Seagirt, saving the State hundreds of millions of dollars it would have had to
invest in capital improvements.  Ports America is also making annual
payments to the State and providing ongoing revenues to the
MPA. 
About the Port of
Baltimore
The Port of Baltimore generates about
16,700 direct jobs. Out of approximately 360 U.S. ports, Baltimore is ranked
number one for handling roll on/roll off (farm and construction equipment) and
imported forest products, gypsum, sugar and iron ore.  Baltimore is ranked
second for exporting cars.  The Port is responsible for about $3.7 billion
in personal wage and salary income. Activities at the Port of Baltimore generate
nearly $400 million in state and local taxes. Follow the Port of Baltimore
at  <A
href="redir.aspx?C=d988c694b834454db4f78485a65ccafc&URL=http%3a%2f%2fwww.twitter.com%2fportofbalt"
target=_blank>www.twitter.com/portofbalt</A>.   
About the Panama Canal Authority

The ACP is the autonomous agency of
the Government of Panama in charge of managing, operating and maintaining the
Panama Canal. The operation of the ACP is based on its organic law and the
regulations approved by its Board of Directors. For more information, please
refer to the ACP’s website: <A title=blocked::http://www.pancanal.com/
href="redir.aspx?C=d988c694b834454db4f78485a65ccafc&URL=http%3a%2f%2fwww.pancanal.com%2f"
target=_blank>www.pancanal.com</A>. You can also follow the ACP on Twitter: <A
title=blocked::http://twitter.com/thepanamacanal
href="redir.aspx?C=d988c694b834454db4f78485a65ccafc&URL=http%3a%2f%2ftwitter.com%2fthepanamacanal"
target=_blank>http://twitter.com/thepanamacanal</A>.</DIV></BODY></HTML>