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Ports see larger vessels coming through the expanded Panama Canal

  • ​The ocean freight industry has undergone multiple changes and transitions in 2016 and into 2017. In advance of the opening of the Panama Canal, ocean carriers began ordering larger vessels and deploying them across all cargo types. To accommodate these larger vessels, U.S. ports have led efforts to employ new cranes, dredge channels, provide deeper berths and remove any air draft restrictions – like raising the Bayonne Bridge in New York and Gerald Desmond Bridge in Long Beach.
  • In 2016, of the 14 ports tracked in JLL’s PAGI report, nearly 50.0 percent of the ports reported record highs in annual TEU volumes. Going forward, with larger vessels calling on ports and increasing TEU volumes we expect to see a surge in port-related warehouse demand which will likely further push up industrial rents.​

Source: JLL Research

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