THE Port of Miami is investing more than US$1 billion in infrastructure that is expected to be put into use over the coming five years ready for the scheduled 2014 completion of the Panama Canal`s expansion.
"The expanded canal will be a game changer for container trade. America`s trade with East Asia, China in particular, is expected to increase a shift from Pacific ports to Atlantic ports. As the closest US port to the Panama Canal, the Miami expects to be the first port of call for postpanamax vessels," reports the Miami Herald.
Container throughput at Miami fell 2.6 per cent in 2009 compared to the previous year, while Miami International Airport handled 33.9 million passengers last year, down a half percentage point from 2008.
Airport director Jose Abreu noted that air cargo traffic through Miami decreased in 2009 by 14 per cent for Latin America, its largest market.
Miami International Airport is "sinking in debt, borrowing billions of dollars for an expansion programme that`s turned into a money pit," the report said.
"Airport planners say the expansion is crucial for handling passenger growth expected in the next decade. But the soaring cost puts the airport at greater risk of plunging into a financial tailspin should passenger growth projections not hold up," it said.
"The project is being financed with municipal bonds that will be paid off by increasing landing fees and other charges to airlines and passengers. Higher prices make MIA less competitive. That makes it harder for the airport to pay its bills."