Port Houston has signed an agreement of $1.1 billion for a channel expansion. The Houston ship channel is set to be widened and appropriately expanded to accommodate an additional 1400 vessels. This will generate approximately 200 billion dollars in extra revenue once it is completed.
This port is one of the largest in Texas and it serves as a critical step for the economy. Improving the channel will lead to more two-way traffic for vessels and an easier method for efficiently delivering more everyday goods into Texas. The expansion of the channel will lead to greater output for petrochemical products from the region and connect the region further with the Gulf of Mexico.
Currently, the channel sees traffic of over 8,200 vessels and 215,000 barges. 247 million tonnes of cargo make their way through the port each year and these numbers would increase significantly. With a number of traffic issues occurring already, the final dredging and expansion project would lead to a widening of the channel by 170 feet to accommodate extra ship traffic and also a deepened upstream segment.
The deepening project would allow for larger vessels in the channel and more ships would be able to pass safely. The project was proposed originally in December and it took groups working very quickly to ensure that the funding would be there and that the project could progress as quickly as possible. The expansion project has been called Project 11 as it is the 11th major improvement to the channel over its 100 years. The titled project 10 widened the channel to 530 feet at its widest point and at a cost of $705 million. This was a project that would pave the way for Project 11 and include new goals for the region.
Port Houston is the 6th largest point for trade among the nation's 450 airports and seaports. It is the third-highest ranked seaport behind Los Angeles and the Port of Newark. The newest round of funding and planned expansion will shape the future of the port and the future prosperity of the region. The large-scale improvements to this port could resolve a number of traffic issues and ensure a greater export rate for the suppliers in the area.
The expansion of this port is crucial to the businesses in this region. It will improve supply line chains as well as ensure greater access to raw materials. With the help of this latest expansion, we will be able to provide more to our customers as well as faster shipping times for all of our worldwide partners. As the construction is ongoing we do not yet know the changes to our business that are on the way, but we are confident that once Project 11 has been completed, we will see a significant improvement to the region and the capabilities of our business.
If you are interested in learning more about Project 11 or would like to know more about the products that we have available in engineering and business support, contact us today. We can coordinate some of the best in international shipping for a wide range of engineering components.