Panama Canal Expansion to be Complete 1Q 2016

February 26, 2015

Andy Corken, SIOR of The Modal Group highlighted these points from the article called Chasing the Horizon: Countdown to Panama Expansion in Inbound Logisitcs.

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-$6 billion in project cost(and counting)
-Will handle shipping vessels containing 15,000 TEUs (vs 5,000 now), an increase of 3X
-The passage will be 50 miles long
-Passage transit time will be 8 to 10 hours
-Series of locks for passage up to 85′ above sea level when full
-Can accommodate new “mega ships” of up to 110′ wide and 1,000′ long
-Passing through the “new” Panama canal trims 8,000 miles of voyage past South America
-Current ports east of Panama Canal excavating for additional depth to handle the larger vessels

Click here for a link to the full story.

 

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Amazon begins collecting internet sales tax in Illinois

February 26, 2015

As reported by Yahoo! Finance, Andy Corken, SIOR of The Modal Group surfaced these points:

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-Begins February 1, 2015 (went in to effect Jan 1, 2015)
-6.25% on online purchases to be paid to Illinois Department of Revenue
-This new law passed in Illinois to treat online retailers and traditional “bricks and mortar” retailers equally
-Initiatives are underway to become a Federal law.
-Experts expect Amazon sales to drop as much as 10%
-Not all internet sales will be taxed by Illinois currently; only retailers that have a “taxable presence” in the state such as a physical distribution center or “affiliates”

Click here to view the entire story.