Tampa bucks trend for US ports
Tampa's Gateway Rail development - who says all US ports are struggling?
US ports have been struggling in light of the financial crisis, but despite this, Tampa Port seems to be managing to buck the trend.
Tampa Port Authority has just received positive credit affirmation – its third in the last 12 months, giving the authority with a “stable” outlook.
Andrew Fobes, from Tampa Port Authority, said to Port Strategy: “We have been able to retain our solvency and continue to develop the port in spite of the economic factors. Moreover, it is becoming more difficult on the whole to maintain this type of status with ratings agencies.”
This result is even more impressive when it's considered that US ports are currently suffering a crisis in port development - as expressed by the maritime coalition, Building America's Future Education Fund.
Tampa’s new Tampa Gateway Rail development project is seemingly trying to debunk this opinion.
The project includes the purchase of 110 acres of industrial land for the development and expansion of Tampa's terminal, distribution, cargo generating and service facilities.
Tampa has also forged a new joint marketing agreement to help build stong trade opportunities with the Costa Rican port administration. This has no doubt helped with the authority's positive credit affirmation – it demonstrates a clear ability to tap into new and booming markets, no doubt with the expansion of the Panama Canal in mind.
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