SAVANNAH, Ga, — March 20, 2014 — The $35 million in additional port deepening funds proposed by Georgia Gov. Nathan Deal has been approved by the state legislature and now awaits the governor's signature.
Along with previous funding, Georgia has now allocated $266 million, fulfilling the state's portion of the Savannah Harbor Expansion Project (SHEP).
"Lawmakers across Georgia recognize that improving the Savannah Harbor is critically important to the continued economic health of this state and region," Deal said. "That unified vision is also evident among our delegation to Washington, which has worked tirelessly to secure the federal portion of the project costs. It is now long overdue for the federal government to fund their portion of this federal project to make U.S. manufactured products more competitive overseas."
Deepening the Savannah Harbor from 42 to 47 feet will accommodate an increase in the number of super-sized container vessels transiting the Panama Canal after its 2015 expansion. With a deeper channel, larger and more heavily laden ships can arrive and depart with greater scheduling flexibility. These "Post Panamax" vessels will lower shipping costs per container slot.
A U.S. Army Corps of Engineers study has shown that SHEP will reduce shipping costs for private companies by $174 million a year.