Port of Corpus Christi secures another $59 million

U.S. Army Corps of Engineers funding will be used for the Ship Channel Improvement Project.

Port of Corpus Christi secures another $59 million

U.S. Army Corps of Engineers funding will be used for the Ship Channel Improvement Project.

Port of Corpus Christi secures another $59 million

U.S. Army Corps of Engineers funding will be used for the Ship Channel Improvement Project.

 
   The U.S. Army Corps of Engineers’ Fiscal Year 2019 Work Plan includes an additional $59 million in funding for the Corpus Christi Ship Channel Improvement Project (CIP), bringing the total federal appropriations for the project to $95 million.
   The estimated CIP cost is $360 million, of which the federal government is responsible for $230 million. To date, the Port of Corpus Christi has transferred $78 million of its own funds to the Army Corps of Engineers, bringing the total CIP funding level to $173 million.
   “The inclusion of additional Work Plan funds is yet another significant milestone toward the United States becoming a net exporter of its energy production,” said Sean Strawbridge, chief executive officer for the Port of Corpus Christi. “Widening and deepening the Corpus Christi Ship Channel is a mathematical certainty. Energy markets are taking notice as the majority of incremental U.S. energy production is coming to Corpus Christi and ultimately to the global markets.
   “We expect over two to three million barrels per day of new crude production coming our way, and our energy-producing and marketing customers know we are building out all the necessary infrastructure to handle these new volumes, safely and responsibly,” Strawbridge said.
   The president’s FY 19 budget already included $13 million of funding for the CIP, which was appropriated by Congress in September.

   Rep. Michael Cloud, R-Texas, said, “This $71-plus million in combined Army Corps Work Plan and budget funding will be a huge benefit not only to jobs across our part of Texas but to the security of America and our allies, and I am thrilled we were able to make this happen.”
Congress needs to commit to funding the needed infrastructure highway projects so that we can keep pace with the demand, and the demand is out there.

Spot container rates from Shanghai to North Europe stood at $714 per TEU as of March 15, whiles rates from Shanghai to the Mediterranean totaled $748 per TEU, down 5.3 percent and 3.6 percent, respectively, from a week prior, according to the Shanghai Containerized Freight Index.

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Port of Corpus Christi secures another $59 million

U.S. Army Corps of Engineers funding will be used for the Ship Channel Improvement Project.

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Port of Corpus Christi secures another $59 million

U.S. Army Corps of Engineers funding will be used for the Ship Channel Improvement Project.

on Nov 25, 2018AmericanShipper.com