The U.S. Army Corps of Engineers has granted a federal permit authorizing construction of the Louisiana International Terminal, a major Port of New Orleans development intended to expand the Lower Mississippi River gateway’s capacity for larger ships and growing cargo volumes.

Port NOLA announced the permit approval last week, calling it a key milestone for the proposed $1.8-billion greenfield terminal expected to have capacity of 2 million container units at full build-out. The project would be developed in partnership with Terminal Investment Limited, the terminal-operating arm of Geneva’s Mediterranean Shipping Co., and terminal operator Ports America, which are contributing more than $800 million toward development. The terminal has received $300 million in federal grants.

Green light for new U.S. port that will handle 2 million containers a year – FreightWaves