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Pennsylvania Gov. Tom Wolf announced earlier this week that the state's Intermodal Cargo Growth Incentive Program will be extended through 2022.
The program, which aims to increase cargo activity by incentivizing shippers to move cargo through Pennsylvania ports, was previously scheduled to end in June.
"Increasing shipping activity will help ensure that essential goods delivered to stores in a timely manner, while strengthening the supply chain well into the future," Wolf said in a press release.
Established in 2015 through the Pennsylvania Department of Transportation's (PennDOT) Multimodal Fund, the program provides up to $1 million annually to participating ocean carriers that move cargo through Pennsylvania ports. The fund helps secure full-time employment at the terminals and increase economic activity through indirect and induced jobs.
New carriers enrolled in the program receive $25 per new container unit loaded or discharged from vessels at a Pennsylvania port. Existing participants qualify for the incentive payment by exceeding benchmarks.
The program is essential for competing with other ports in attracting new ocean carriers and new trade lanes to Pennsylvania, said Jeff Theobald, the Port of Philadelphia's chief executive officer and executive director.
Over the past five years, more than 1.8 million units of cargo passed through Pennsylvania ports, resulting in $4.1 million in incentive funds awarded to 10 grantees.