Larger vessels are now coming to the Port of Philadelphia, thanks to the $5.4 billion Panama Canal expansion.
“These are the biggest cargo ships to ever come up the Delaware River,” said Eric Holt, Vice President of Holt Logistics in a Philly.com article.
Shipping company Mediterranean Shipping Co. began a new freight route on August 3 that includes stops in the Netherlands, Belgium, Germany, England, and Portugal. The Packer Avenue Marine Terminal in South Philadelphia is the only stop on this new route on the east coast.
These larger vessels are expected to bring approximately $21.8 million in annual employment income and $5.7 million in in local, state, and federal taxes annually.
This new development reflects Greater Philadelphia’s status as one of only three locations in the U.S. listed on CBRE Research’s top 20 emerging global logistics hubs.