Trade & Development - Ports

PANAMA CITY, Panama – The Panama Canal Authority (ACP) and North Carolina State Ports Authority (NCSPA) recently renewed their strategic alliance with the signing of a Memorandum of Understanding (MOU). The MOU, which is renewable for five years, was first signed in December 2010. The agreement reaffirms both entities’ dedication to generating new business and promoting an “all-water-route.”

“The renewal of our Memorandum of Understanding with the North Carolina State Ports emphasizes our commitment to mutually beneficial growth, said Alemán Zubieta. “As Panama continues to become the logistics and maritime hub of the Americas, we greatly anticipate the future success that will result from our continued partnership.”

At the end of fiscal year 2011, the N.C. State Ports Authority posted increased cargo movement and operating revenues compared to the year before and saw a 12 percent increase in operating revenues. The Authority attributes this improved performance to business volume increases coupled with continued cost containment measures.

“Two-thirds of the cargo handled at North Carolina’s Ports transits through the Panama Canal,” said N.C. State Ports Authority Board of Directors Chairman Carl J. Stewart, Jr. “We look forward to the next five years of our renewed partnership, especially the eagerly anticipated completion of the Panama Canal expansion.”

According to a study from the North Carolina State University Institute for Transportation Research and Education (ITRE), N.C.’s ports support more than 65,000 jobs across the state, both directly and indirectly. The study also found that the wages from those jobs are higher than the average annual wages in 91 of the state’s 100 counties.