Florida Ports Anticipate More Asia Trade From Expanded Panama Canal

The Port of Miami says that its share of throughput from Asia is expected to rise to 50 percent from 35 percent.

Florida ports are expecting to see trade with Asia grow following the opening of the newly widened Panama Canal, IHS Maritime reports. 

Total share of throughput from Asia for the Port of Miami is expected to rise to 50 percent from its current 35 percent, with Miami having reportedly spent $1.6 billion over the past 4 years in infrastructure upgrades to accommodate the larger ships expected to come through the canal from Asia. 

"After the extension to the Panama Canal opens, southeast United States will capture up to 400,000 additional moves and this makes it a highly competitive market for us," said Kevin Lynskey, assistant director of the Port of Miami.

He added that over 60 percent of Asian cargo bound for Orlando current comes from a non-Florida port, which presents a large opportunity. 

 "There is little question that after expansion we'll get a bigger piece of this business," Lynskey said.

Meanwhile, Port Everglades has also reportedly allotted $1.6 billion over the next 20 years towards capital investments, which is expected to include plans to widen and deepen the access channel, along with the construction of five new berths. 

"We are predominately a north-south trade port but an opportunity exists for expansion in east-west trade lanes," said port director Steve Cernack.

"The Panama Canal gives us an opportunity to become more rounded in terms of the services we offer."

The canal was originally slated to open last October, but numerous setbacks have pushed the date to April 2016. 

Earlier this year, Ship & Bunker reported that the discovery of cracks in one of the interior chambers was not expected to delay the opening further.