Shannon Foynes Port Company (SFPC) and Cleveland-Cuyahoga County Port Authority (CCCPA), have signed a memorandum of understanding (MOU) to strengthen trade ties and opportunities between the two.
Built on the strong historical ties between the West of Ireland and Great Lakes region, the commitment will see the port authorities jointly explore activities that will give rise to shared business growth for each and their respective regions.
The move has been welcomed by Minister for Transport Darragh O’Brien, T.D. “This is a strategic and mutually beneficial transatlantic opportunity between Shannon Foynes Port Company and the Port of Cleveland, particularly in the context of green energy, supply chain diversification and maritime trade connectivity,” he said.
“A key target of this MOU will be to shorten timelines on transit solutions for industry trading between the US and Ireland and also the substantial carbon savings on shipping services over existing traditional transport routes. The US is Ireland’s largest trading partner and this commitment between the port authorities is a positive declaration of intent on both sides, which will be good for investment, jobs and consumers in both regions.”
Located on the Shannon Estuary, one of Europe’s deepest natural harbours and adjacent to the world’s busiest shipping lanes, SFPC is strategically positioned as a key cost effective and efficient European gateway for transatlantic trade. Similarly, the Port of Cleveland is strategically located to provide direct access to the St. Lawrence Seaway and the Great Lakes, a $6 trillion regional economy that would rank as the third largest in the world if it were a standalone country.
Both ports offer cost-effective, multimodal access to major commercial and industrial markets, providing a unique value proposition to companies seeking faster, greener and more reliable alternatives to traditional coastal shipping routes.
The move is very much also in keeping with supporting US-Irish trade relations as it seeks to promote international trade between the two, thereby enhancing the utilisation of both waterways.
SFPC CEO Patrick Keating said, “This MOU reflects the ambition of Shannon Foynes Port. While we provide critical access for trade to and from Ireland, we are also a key gateway into and out of Europe for transatlantic trade. That is what essentially underpins this agreement with the CCCPA as we will together seek to advance the enormous, each-way trade opportunity from this global trade crossroad. We look forward to working with CCCPA, which has similar ambition and values to us, to explore the full breadth of these opportunities for the greater good of our respective organisations and communities we serve.”
CCCPA Interim President & CEO David Gutheil said, “This agreement builds on the deep and historic ties between the Great Lakes region and Ireland. Ireland and the US are excellent trade partners as our economies are closely intertwined, we share a common language, and we already have very significant trade volumes. What makes this partnership especially powerful is the unique positioning of our two ports. Together we provide access to two huge international markets that present enormous opportunity for business development. In signing this MOU, we want to explore every opportunity to strengthen that connection and drive business development on both sides of the Atlantic. We’re genuinely excited about what’s ahead and confident in the mutual benefits this collaboration can deliver.”
Shannon Foynes Port Company (SFPC) (www.sfpc.ie) is the second largest Irish Port Operator handling in excess of eleven million tonnes of solid and liquid cargo annually through the six terminals currently operational within the Shannon Estuary. The Company is Ireland’s largest bulk port company, having a 61% share of the market. The recently launched Irish National Ports Policy defines Shannon Foynes Port Company as a Port of National Significance (Tier 1). Shannon Foynes Port Company is a Commercial Semi State Port. It has statutory jurisdiction over all marine activities on a 500km2 area on the Shannon Estuary, stretching from Kerry/Loop Heads to Limerick City.
With a mission which includes serving as a catalyst for the local, regional and national economies of Ireland and to develop, market and manage its assets in order to foster and promote trade and transportation; SFPC is also a Core Corridor port on the European Commissions Ten T Network on the North Atlantic and North Sea / Mediterranean Corridors.
About CCPA
The CCCPA was established in 1968 with a mission which includes collaborating with government and private partners to assist private industry in retaining and creating jobs through the provision of access to waterborne transportation facilities. The CCCPA in 2014 initiated the Cleveland-Europe Express, which was and is a transformative service that reintroduced container service in the Great Lakes St. Lawrence Seaway. The CCCPA is instrumental in promoting waterborne trade in northeast Ohio, and whose harbour moves over 13 million metric tons of global cargo annually. The CCCPA’s local benefits include supporting over 23,000 jobs and provides an economic benefit of more than $7.0 billion.