Special to
L’Observateur

PANAMA — Representatives from the Port of South Louisiana, led by Executive Director Paul G. Aucoin and Commission President D. Paul Robichaux, traveled to Panama Oct. 14 to sign an amended Memorandum of Understanding with the Panama Canal Authority.

The amended Memorandum was signed by ACP Administrator Jorge Quijano and Aucoin at the Panama Canal Authority headquarters in Panama City, Panama.

Bearing witness to this event were representatives from the Panama Canal Authority, Port of South Louisiana, Port of New Orleans, Plaquemines Port Harbor and Terminal District, Louisiana District Export Council and other Louisiana-based entities.

The original Memorandum, signed by the Port of South Louisiana and the Panama Canal Authority on Jan. 21, 2013, launched a cooperative alliance directed at facilitating international trade and generating new business between Asia and the Port of South Louisiana via the Panama Canal.

The amendment signed last week solidifies this agreement for a period of five years, renewable upon mutual agreement.

Under the MOU, PSL and ACP will agree to partake in, among other things, joint marketing initiatives that promote the sailing route, exchange of cargo movement/transit information and results from relevant market studies and share knowledge regarding improvements or modernization efforts aimed at satisfying increase in demand.

At least 30 percent of Port of South Louisiana exports, primarily grain, are shipped to Asian countries.

The most efficient and fuel-saving route to that region of the world is via the Panama Canal.

“It makes total sense to work with the Panama Canal Authority in cross-promoting our respective entities and regions,” Aucoin said. “Our partnership would not only increase revenues, but also encourage job opportunities from the increase in traffic. Economic growth is the ultimate goal.”

The Panama Canal Expansion is 79 percent complete. It involves the construction of a third lane of traffic allowing the passage of bigger vessels, which will double the Canal’s capacity and have an important impact on world maritime trade.