The Panama Canal is expanding—a $5.25 billion project– to all allow the largest container ships to cut through to the eastern side of North America and, according to AP, may cut into the dominance of West Coast ports handling freight from Asia.
Gulf Coast ports are investing millions to compete for the business:
- New Orleans – $237 million expansion in private investment of its container terminal.
- Tampa – $17 million
- Mobile – $300 million+ $75 million facility to transfer containers to rail
- Gulfport – $570 million in federal funds
The Port of Pensacola can’t compete on this level and needs to look for other niches to compete. Read Gulf ports race