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.


-$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.


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:


-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.