The Panama Canal Authority (ACP) and the Port of Houston Authority (PHA) have recently announced a continuation of their strategic alliance through a three-year renewal of their Memorandum of Understanding (MOU).
First signed in 2003, the partnership provides economic and trade benefits to both regions. The two entities will continue to conduct joint marketing, share information and bolster technological interchanges.
"The Port of Houston is a critical US port and key maritime partner. This renewal of the Memorandum of Understanding with the Port of Houston Authority illustrates our commitment to quality service and meeting the demands of an ever-changing and increasingly globalized maritime community. New multifaceted challenges require bold action and strong partnerships," commented ACP Administrator/CEO Alberto Alemán Zubieta.
The Port of Houston ranks first in the United States in foreign waterborne tonnage and second in total tonnage.
From 2003 to 2007, general trade tonnage at the Port, including petroleum and petroleum products, increased almost 500%, resulting in a total trade growth of 97% (in US dollar value).
"Our friendship with Panama becomes closer every year," added PHA Executive Director H. Thomas Kornegay, who went on to add:
"The Canal expansion is vital to US trade with not only Asia, but the entire Southern Hemisphere. And as trade continues to expand between Houston and Panama, the bonds that connect us will grow even stronger."
The ACP and the PHA say they look forward to increased growth of the "All-Water Route" (the route from Asia to the US East and Gulf Coasts via the Panama Canal) - an economic driver for both the Canal and the port.
The current Canal expansion project is building a new lane of traffic along the Panama Canal through the construction of a new set of locks, which will double capacity and allow more traffic and longer, wider ships.
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