INTERNATIONAL cargo volumes in the Port of New York and New Jersey reached record levels last year, and robust growth projections have prompted the port authority to plan US$2 billion in investment over the next 10 years.
A port authority said record-breaking container cargo volumes rose nearly eight per cent in 2006 led by continued growth in trade with the Far East, North Europe and Southeast Asia.
The dollar value of all cargo moving through the port in 2006 exceeded $149 billion for the first time, up 13 per cent from 2005. The number of loaded and empty TEU handled in the port exceeded five million for the first time.
ExpressRail, the Port Authority's on-dock rail terminals in New Jersey, also set a new record last year by moving 338,882 containers, 11.8 per cent more than in 2005.
The statement said that in the next 10 years, nearly $2 billion in infrastructure upgrades are planned for marine terminal facilities and for off-port roads and railways to improve the flow of cargo. In addition to investments in the 50-foot harbour deepening project and the ExpressRail on-dock rail facilities, the 10-year budget includes funds to upgrade and to improve capacity of the two major thoroughfares at the port.
Investments also are planned to develop an Intelligent Transportation System for the port and to improve inland access.
New Jersey Governor Jon Corzine said: "Our cargo volumes are at an all-time high, and projections for future port growth are extremely promising. However, for this growth to continue, we must act now, not later, to make necessary long-term investments to ensure that this port remains the East Coast's leading destination for international shippers."
Port authority chairman Anthony Coscia said: "We've made a substantial $2 billion commitment to the port that not only will allow larger ships to call on port terminals, but will enhance the flow of cargo on and off the port. These investments will ensure that the port remains a leading generator of jobs and economic activity."
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