This Port of Miami’s Deep Dredge project has the potential of shifting U.S. trade with East Asia from U.S. Pacific ports to Atlantic ports. If you have been following the local business news of late, you know that Governor Rick Scott approved $77 million for the Port of Miami to deepen the channel to minus 50 feet so larger ships can gain access to the port. The Port’s Deep Dredge project is timed to coincide with the opening of an expanded Panama Canal in 2014. There are only three other Atlantic Seaboard ports that will have our capabilities – Norfolk, New York and Halifax. Miami is the closest major U.S. port to the Panama Canal, so it is positioned as the first port of call for the next generation of fully-laden post-Panamax vessels.
The industrial brokers in my office are thrilled. Why the excitement? These post-Panamax ships can carry almost four times the TEU’s (20-foot equivalent units) of our current Panamax vessels. More cargo means more distribution space could be needed. Trade is king in Miami. In 2010, the Miami Customs District produced the largest trade surplus of any area in the nation. We exported FOUR times the national average – that’s an over $20 billion trade surplus. In addition, experts believe the Deep Dredge project alone will allow the Port to double cargo output and create up to 33,000 new jobs.
To compliment the Deep Dredge project, the Port of Miami anticipates completing its tunnel project by Spring 2014. This tunnel will provide trucks (and passengers) direct interstate access between the Port of Miami and I-395 thus enabling the Port to increase truck movements to twice today’s capacity. In addition, the U.S. Department of Transportation awarded the Port of Miami with a $22.7 million grant to restore rail service between the Port and the Florida East Coast Rail Yard in Hialeah. This provides direct cargo access to the national rail system, further enhancing our Port’s intermodal capacities. The rail project is scheduled to be completed in 2013.
“This is a solid first step toward enhancing Florida’s infrastructure and getting our state ready for a new generation of international trade with South America and beyond,” said Governor Scott.
As the second largest economic engine in Miami-Dade County, the Port currently accounts for $18 billion in economic impact annually and 176,000 jobs. This project should solidify trade as a major business source for South Florida.
Port of Miami Facts at a Glance
- Largest container port in Florida – +807,000 TEU’S
- 11th largest port in the nation
- Closest US port to the Panama Canal
- Largest US cruise port – serves over 4 million cruise ship passengers annually
- Serves 20 shipping lines that call on 100 countries & 250 ports
