Panama Canal Renews MOU with Port of Miami

News Release Panama Canal Authority October 31, 2011

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Canal expansion will bolster the
region’s growth and development
        
                                                              

PANAMA CITY, Panama,
October 31, 2011– Another milestone
agreement has been reached between the Panama Canal Authority and the Port of
Miami - Administrator and CEO of the Panama Canal Authority (ACP), Alberto
Alemán Zubieta, and Port of Miami Director, Bill Johnson, have renewed a
Memorandum of Understanding (MOU) to promote trade opportunities and share best
customer practices.
 
Prior to signing the
MOU renewal, Mr. Alemán and Mr. Johnson met
with local dignitaries and members of the international trade and
Panamanian-American business communities to discuss the port’s 50-foot Deep
Dredge project and the expansion of the Panama Canal. In its commitment to
accommodate the world’s largest vessels, the Port of Miami’s Deep Dredge project
will deepen the channel by 50 feet and is timed to coincide with the completion
of the Panama Canal expansion project.
 
"As Panama continues
to become the logistics and maritime hub of the Americas, the renewal of our
Memorandum of Understanding with the Port of Miami emphasizes our commitment to
promoting regional growth and solutions for the shipping industry as we forge
ahead with our historic Canal expansion," said Alemán
Zubieta.
“This agreement will create unlimited opportunities for the international trade
industry and consumers.”
 
The Port of Miami is
the largest container port in Florida with a $17 billion annual economic impact
on the region,
providing
direct and indirect employment for over 180,000 jobs. With its strategic
position as the closest major U.S. port to the Panama Canal, the Port of Miami
will be the first port of call for the Post-Panamax vessels that will begin
navigating the expanded canal in 2014. As
a result of the port tunnel project, traffic flow will be improved, inefficiencies
in the movement of cargo will be alleviated and economic
development, safety and efficiency will be enhanced.

 
The
Canal’s expansion is on schedule as it recently began permanent concrete work on
the new set of locks. This $5.25 billion project will expand the waterway with
deeper and wider entrances at the Atlantic and Pacific channels in addition to
creating a third set of locks that will allow the transit of longer and wider
ships.
 
About
the Panama Canal Authority (ACP) 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 visit <A
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