WASHINGTON: Port Panama City in Florida said it will double its capacity with the development of a new forest products terminal. The acquisition of a 41-acre waterfront tract of land by the port’s authorities will allow for development of new heavy cargo and breakbulk handling facilities as well as 250,000 square feet of warehouse.
“This is a huge step forward in enhancing Port Panama City’s already-impressive abilities to handle forest product cargoes. Exports of paper and wood pellets helped propel Port Panama City to a record year in 2015, with more than 2 million tons of cargo moving across our docks. This acquisition and terminal project position our port to handle sustained growth for many years to come,” said Wayne Stubbs, executive director of Port Panama City.
The land acquisition cost the port US$13.6 million, financed through the Florida Department of Transportation State Infrastructure Bank, and the first phase of development is expected to cost a further US$12 million. Authorities also plan to invest US$9 million for bulkhead work and rail and roadway improvements and US$10 million to deepen the channel serving the facility to 38 feet.
