Port of Halifax signs standard promotional MOU with Panama Canal Authority

The Port of Halifax, once famous as the trans-Atlantic port of the Cunard Line, is now preparing for the Pacific trade with a memorandum of understanding with the Panama Canal Authority (ACP), reports London's Containerisation International.

Such promotional agreements have been made with other US east coast ports, and are said to boost confidence of lenders in financing the canal expansion to be completed in 2015. Halifax is the first port in Canada to have signed such an MoU.

Such agreements are part of the strategy to promote the all-water route, pioneered by the Port of Savannah, which has risen in the rankings to be the fourth largest container port in the United States, thanks to its balanced trade with Asia, principally China.

Said Halifax Port Authority CEO Karen Oldfield: "Asian cargo is growing, and with the Panama Canal expansion, large ships will soon have another route option. With Halifax's transit time advantages for our Asian target markets, it makes sense for us to establish a strategic partnership with the Panama Canal Authority and this MoU will be mutually beneficial for both ports."

Said Panama Canal (ACP) administrator Jorge Quijano: "The memorandum of understanding with the Halifax Port Authority reinforces the importance of the all-Water route through the Panama Canal. With the current economic climate, it has never been more important to provide optimal customer service, and this agreement will enable us to fully co-operate and work together for continued trade between Asia and the east coast of Canada."