Latest news with #DavidEngel
Yahoo
7 days ago
- Business
- Yahoo
Texas port completes $625M ship channel deepening project
After $625 million and six years of construction, the Port of Corpus Christi, Texas, has opened the 11.9 miles of its expanded ship channel. The four-phase improvement project deepened the ship channel from 47 to 54 feet and widened it from 400 feet to 530 feet to accommodate the growing demand for larger vessels. 'The Corpus Christi Ship Channel Improvement Project unlocks a new era of economic growth for both the Coastal Bend and the nation,' David Engel, chairman of the Port of Corpus Christi Commission, said in a news release. The Corpus Christi Ship Channel is about 34 miles long, extending from the Gulf of Mexico to the Viola Turning Basin near the westernmost point of Nueces Bay. The ship channel project was approved in 2017 and began construction in 2019. It was funded by Congress and the Port of Corpus Christi, with support from the U.S. Army Corps of Engineers and private marine companies. The Port of Corpus Christi has provided more $161.5 million for its portion of the total cost. The federal government has appropriated more than $296.3 million in funding for the project. The expanded waterway aims to facilitate larger vessels and allows for more two-way traffic, permitting more than one vessel to pass through the channel at the same time. The Port of Corpus Christi — dubbed the 'Energy Port of the Americas'— is the largest crude oil export gateway in the U.S. and the third-largest in the world, behind Russia and Saudi Arabia. It moves more than 2.4 million barrels of crude oil exports per day. The Port of Corpus Christi also ranks second in the U.S. for liquid natural gas exports. In 2024, trade at the port totaled $89 billion, according to Census Bureau data analyzed by WorldCity. The Port of Corpus Christi handled over $7 billion in trade during March. The port's largest global trade partners during the month were South Korea ($1.1 billion), the Netherlands ($897 million), Taiwan ($583 million), India ($415 million) and Canada ($386 million). The post Texas port completes $625M ship channel deepening project appeared first on FreightWaves.
Yahoo
31-01-2025
- Business
- Yahoo
Port of Corpus Christi Customers Close 2024 with Record Numbers
New High Mark Set by Port of Corpus Christi Customers for Seventh Consecutive Year Vessel Departing Port of Corpus Christi Corpus Christi, Texas, Jan. 31, 2025 (GLOBE NEWSWIRE) -- The Port of Corpus Christi and its customers moved 206.5 million tons through the Corpus Christi Ship Channel in 2024, a new high mark driven by increases in crude oil and dry bulk commodities, including agricultural products. Port customers also ended 2024 with record quarterly tonnage (54 million tons) in Q4 2024 – a 4.3 percent increase over the same period last year and a 1.9 percent increase from the previous quarterly record (Q3 2024). Leading commodities in Q4 2024 included crude oil, refined products and liquefied natural gas. For the year, crude oil shipments increased 3.5 percent over 2023 to 130.5 million tons, while dry bulk and agricultural goods increased 8.1 percent and 38.7 percent, respectively. The new annual tonnage record is 1.7 percent higher than the previous record set in 2023, marking the seventh consecutive record year set by Port of Corpus Christi customers. 'The commitment of Port of Corpus Christi customers to deliver American energy and essential goods to our trading partners and allies around the world reinforces to the global marketplace the resilience of the South Texas Coastal Bend,' said Kent Britton, Chief Executive Officer for the Port of Corpus Christi. 'The Port of Corpus Christi is grateful to the community of Port customers who continue to meet the demands of an evolving energy market.' Completion of the fourth and final phase of the Corpus Christi Ship Channel Improvement Project is projected for early 2025. Once completed, the Coastal Bend region will be home to the most improved waterway on the Gulf Coast, from Texas to Florida, with a deeper (54 feet Mean Lower Low Water) and wider (530 feet) ship channel with additional barge shelves. 'On behalf of my fellow Port of Corpus Christi commissioners, I want to congratulate our customers for the milestones achieved by our gateway in 2024,' said David Engel, Chairman of the Port of Corpus Christi Commission. 'Over the past 10 years, the Port Commission has supported the investment of more than $1 billion in capital projects to ensure our industry partners have the infrastructure they need to be successful. We look forward to building on that commitment in the years ahead.' About Port Corpus Christi As a leader in U.S. energy export ports and a major economic engine of Texas and the nation, the Port of Corpus Christi is the third-largest port in the United States in total waterborne tonnage. Strategically located on the western Gulf of Mexico with a 36-mile, soon to be 54-foot (MLLW) deep channel, the Port of Corpus Christi is a major gateway to international and domestic maritime commerce. The Port of Corpus Christi has excellent railroad and highway network connectivity via three North American Class-1 railroads and two major interstate highways. With an outstanding staff overseen by its seven-member commission, the Port of Corpus Christi is 'Moving America's Energy.' For more information about the Port of Corpus Christi, visit Attachment Vessel Departing Port of Corpus Christi CONTACT: Lisa Hinojosa Port of Corpus Christi 3618856165 lhinojosa@ in to access your portfolio
