Panama Canal Authority and NC State Ports Authority Renew Partnership
According to a news release on the NC State Ports website, the Panama Canal Authority and North Carolina State Ports Authority recently renewed their strategic alliance with the signing of a Memorandum of Understanding. The agreement reaffirms both entities' dedication to generating new business and promoting an "all-water-route."
At the end of fiscal year 2011, the NC 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 NC 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), NC’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.