THE federal government has significantly boosted the construction of the Louisiana International Terminal (LIT) at the Port of new Orleans, reports Fort Lauderdale's Maritime Executive.
The port recently disclosed the receipt of an extra US$226.2 million grant, supplementing the funding for the $1.8 billion LIT project.
Expected to be completed around 2028, the terminal will have the capacity to handle 2 million TEUs annually, including ultra-large container vessels navigating through the Panama Canal.
This initiative aims to establish the Port of New Orleans as the leading international container gateway in the Gulf of Mexico.
'We are incredibly honoured to receive this landmark grant award, which underscores decades of site and market analysis and reflects the recognition of our transformational project on a global scale,' said port CEO Brandy Christian.
'Not only is this the biggest economic development grant in Louisiana history, but also the largest federal investment in a new container terminal in the history of the US Department of Transportation.'
Upon its anticipated completion around 2028, the Louisiana International Terminal is set to accommodate an annual throughput of 2 million TEU and cater to ultra-large container vessels transiting through the Panama Canal.
This venture was established as a public-private partnership involving the Port of New Orleans, Ports America based in New Jersey, and Terminal Investment Ltd, the investment arm of Switzerland-based Mediterranean Shipping Co.
Already, the collaborative effort has dedicated $800 million towards the realization of the Louisiana International Terminal.
SeaNews Turkey
The port recently disclosed the receipt of an extra US$226.2 million grant, supplementing the funding for the $1.8 billion LIT project.
Expected to be completed around 2028, the terminal will have the capacity to handle 2 million TEUs annually, including ultra-large container vessels navigating through the Panama Canal.
This initiative aims to establish the Port of New Orleans as the leading international container gateway in the Gulf of Mexico.
'We are incredibly honoured to receive this landmark grant award, which underscores decades of site and market analysis and reflects the recognition of our transformational project on a global scale,' said port CEO Brandy Christian.
'Not only is this the biggest economic development grant in Louisiana history, but also the largest federal investment in a new container terminal in the history of the US Department of Transportation.'
Upon its anticipated completion around 2028, the Louisiana International Terminal is set to accommodate an annual throughput of 2 million TEU and cater to ultra-large container vessels transiting through the Panama Canal.
This venture was established as a public-private partnership involving the Port of New Orleans, Ports America based in New Jersey, and Terminal Investment Ltd, the investment arm of Switzerland-based Mediterranean Shipping Co.
Already, the collaborative effort has dedicated $800 million towards the realization of the Louisiana International Terminal.
SeaNews Turkey
