Partnering: Freeport (TX)/Panama Canal

 

Port Freeport’s governing commission has agreed to extend its Memorandum of Understanding (MOU) with the Panama Canal Authority (ACP) for an additional five years.  

 

The two agencies signed the MOU in 2012 to help promote the flow of trade to and from the Texas port via the canal. The MOU encourages market study research and information sharing on modernization and improvements, training programs and technological capabilities.

 

Port Freeport welcomed its first neo-Panama Ro/Ro ship just weeks following the June 26, 2016, opening of the expanded Panama Canal. Since then, according to CEO Phyllis Saathoff, PPM®, "the port has experienced a significant difference in traffic patterns with 62 additional sailings that transited the expanded canal with most of the ships carrying LPG, chemicals and Ro/Ro cargo."  Port Freeport expects its Panama Canal trade will continue to grow.

 

"The Expanded Panama Canal is having an overarching impact on US Gulf and East Coasts ports," said Panama Canal Authority Administrator Jorge L. Quijano. "As the Panama Canal continues to uphold its position as a reliable route for world maritime trade, the relationship with Port Freeport will further our efforts to provide enhanced connectivity and accommodate the cargo demand throughout our region."

 

Port Freeport’s partner, Freeport LNG, will be the largest producer and exporter of liquefied natural gas in Texas once the plant is fully operational. The product is shipped mainly for Asia on vessels the port predicts "will likely transit the canal and the new set of locks."