Port Manatee Signs Strategic Alliance with the Panama Canal

PANAMA CITY--(Business Wire)--
Port Manatee`s stature as an emerging container port took a major step forward
Monday when Executive Director David L. McDonald and Panama Canal Authority CEO
Alberto Alemán agreed to a two-year strategic alliance.

The accord, known as a Memorandum of Understanding (MOU), allies the two
organizations to achieve increased trade by soliciting shippers worldwide
through collaborative marketing and information sharing.

Port Manatee becomes the 10th U.S. member of an exclusive Panama Canal MOU
fraternity, including the Port Authority of New York and New Jersey, Georgia
Ports Authority, South Carolina State Ports Authority, Virginia Port Authority,
Massport, Port of Miami, Port of Tampa, Port of Houston and the Port of New
Orleans. Port Manatee, the closest U.S. deepwater seaport to the Panama Canal,
is the only nonestablished container port in the group.

"The MOU with the Panama Canal Authority formalizes a relationship we have
enjoyed for nearly 40 years and demonstrates the canal`s confidence in Port
Manatee`s future as a container port. In time, that confidence will result in
thousands of regional jobs," McDonald predicted after the signing.

Two years ago the Panama Canal Authority (ACP) broke ground on the $5.25 billion
Panama Canal expansion. The project essentially doubles the canal`s capacity
with the creation of two new sets of locks, enhanced navigational features and
the addition of new access channels - all to accommodate larger
post-Panamax-sized ships. Construction is expected to be complete in five years.

"This collaboration is beneficial as we seek innovative ways to provide our
customers with the most safe, reliable and efficient service," added Alemán.
"Looking ahead to 2014 and the completion of the waterway, we anticipate growth
in trade and the emergence of new economic opportunities - definitely a win-win
for our customers, the people of Manatee County (Florida) and the people of
Panama."

Gerhard Kurz, a Florida-based member of the ACP Advisory Board, agrees with
Alemán`s perception.

"Port Manatee`s unique geographic location on Florida`s Tampa Bay and proximity
to the Panama Canal - combined with its inspired vision for the development of
logistics distribution facilities - speak volumes about its future as an
emerging container port," said Kurz, the former president of Mobil Shipping and
Transportation Company and former chairman and CEO of Seabulk International.

As part of the partnership, the ACP and Port Manatee will work together in a
series of activities to promote both the canal and the port. The agreement
demonstrates each organization`s commitment to encouraging increased trade and
meeting the needs of today`s maritime and shipping industries.

In preparation for this opportunity, last year the Manatee County Port Authority
and Manatee County government collaborated to create the Port Manatee
Encouragement Zone (EZ). The EZ features 3,700 acres of privately held land at
Port Manatee`s front gate, creating a unique intermodal distribution development
opportunity. Local impact fees have been reduced or eliminated in the EZ, based
on the type of development and quality and number of jobs created.

Access to the EZ and Interstate 75 will be guaranteed with a proposed east-west
connector road, preserving the port`s interstate connectivity. The Florida
Department of Transportation is midway through a Project Design and Environment
study to determine the preferred alignment for the new road, which will connect
with U.S. 41 at the port`s entrance.

Supporting these efforts, the Florida Legislature passed a bill two weeks ago to
extend Port Manatee`s exemption from rules governing Developments of Regional
Impact (DRI). Developments within the EZ that might otherwise be subject to
restrictive DRI rules are spared the years-long process of permitting, speeding
new projects forward.

"In anticipation of this opportunity with the ACP, Port Manatee has approached
its master planning process in an accretive way, one step at a time," McDonald
said. "In the last decade, we`ve increased the port`s capacity by 50 percent at
a cost of $150 million."

Next on the port`s agenda is a $750 million project, which will dramatically
increases its container capacity to levels approaching one million annually.

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Port Manatee
Steve Tyndal, Senior Director, 941-650-7302
or
Jill VanderPol, Communications Manager, 941-722-6621 (Office), 941-650-7306
(Cell)
http://www.portmanatee.com/

Copyright Business Wire 2009