The following article, “$500 million being invested in St. Lawrence Seaway”, was posted to renewcanada.net on April 30, 2014
The St. Lawrence Seaway Management Corp. (SLSMC) marked the opening of the Seaway’s 56th navigation season with the transit of Algoma Central Corp.’s newly built ship, the Algoma Equinox, through Lock 3 of the Welland Canal. The vessel is the first of eight Equinox-class ships that are being purpose-built for trade in the St. Lawrence Seaway.
“Algoma Central Corporation’s fleet renewal is a leading example of the unprecedented level of investment that is happening throughout our navigation system,” said Terence Bowles, president and CEO of the SLSMC. “The Seaway alone is spending almost $500 million on modernizing its infrastructure—the biggest transformation in five decades.”
In concert with various domestic and ocean carriers investing $1 billion in new vessels, the SLSMC is investing $395 million between 2014 and 2018 to revitalize its locks and structures. Likewise, the U.S. Saint Lawrence Seaway Development Corp. (SLSDC) is mounting a $92 million effort over a comparable timeframe.
“Our asset renewal program will do more than just rebuild the lock infrastructure,” SLSDC administrator Betty Sutton said. “The introduction of new technologies will make the waterway even safer, more efficient, and more reliable. These investments signal a long term public commitment to shipping on the Great Lakes/Seaway System.”
More than 227,000 jobs and $35 billion in economic activity are supported by the movement of goods within the Great Lakes-Seaway System.
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