The US Water Resources Reform and Development Act has cleared its final hurdle with President Obama’s signing of the much-delayed act this week.
His signature allows Georgia Ports Authority’s Savannah Harbor Expansion Project (SHEP) to begin, utilising the $266m in state funding already set aside for the project.
The new law also sets the framework for funnelling the near $2bn sat in the Harbor Maintenance Trust Fund towards maintenance of channels in US ports.
“The signing of this Water Resources Reform and Development Act is of critical importance to America’s seaports and to our economic health in the years ahead,” said Paul Anderson, Port Tampa Bay president and chief executive. “America’s competitive position depends on shipping channels that are adequately dredged to support the delivery of goods in a safe, efficient and cost-effective manner.”
“With today’s action, SHEP has officially received a green light,” said Georgia Ports Authority executive director Curtis Foltz. “The next step for SHEP calls for Georgia to enter a Project Partnership Agreement (PPA) with the US Army Corps of Engineers, defining how the costs of the project estimated at $706m will be shared between the state and federal government.”
Mr Foltz expects to have a binding PPA within 90 days.
He added that with an annual throughput of 3m teu per year, the Port of Savannah now moves four times the containers it handled when Congress initially authorised SHEP in 1999.
