Nine port pairs on services between Southeast Asia and the West Coast are experiencing faster transit times than before the new and enhanced alliances launched April 1.
International Trade News
Ports with newly green-lighted projects praised the Corps action.
Julian Thomas, CEO of Hamburg Sud in the East Coast of South America, said the first-quarter figures are “impressive indeed.”
The strong showing may reflect some additional business due to the resetting of the alliances, but is more likely a sign of the good trade performance by the overall economy over the past months.
Growth in US containerized exports continues, but slows, despite uncertainties over the direction of US trade policy, a strong dollar, and growing competition.
The deal follows the official adoption earlier this year of an ambitious development plan for the port.
The plan was announced during an official ceremony held on Friday to commemorate the 150th anniversary of the port’s opening.
Roughly $4.6 billion is needed at East and Gulf coast ports to remedy pinch points in harbor infrastructure.
The decision will facilitate infrastructure investment.
The expansion will enable the terminal to add a fourth berth and boost the total terminal area by nearly 30 percent.