The Port of Houston Authority announced Thursday that it has renewed its alliance with the Panama Canal Authority (ACP) for five years until 2016. The partnership aims to boost trade along the "All-Water Route" between Asia and the US Gulf Coast via the Panama Canal and the Port of Houston, Texas.
The Panama Canal is currently under expansion (which began in 2007); once completed, the $5.25 billion project is anticipated to increase containerized cargo going to Houston by 15 percent in the next few years. By 2030, TEUs going to Houston are projected to swell 150 percent to 4.5 million.