The Friday Report Blog: February 17th, 2023

Port of Savannah Increases Cold Storage Capacity

The Port of Savannah recently announced that it will add seven new container racks at its Garden City Terminal in efforts to expand its chilled and frozen warehouse space. The additional container racks will increase cold storage capacity by 11% or over 2.2 million square feet, adding 3,506 terminal spots. The project is expected to cost $6.2 million.

The expansion of cold storage capacity comes as private market warehousing and the population in the area continue to increase. The Georgia Port Authority anticipates an increase of nearly 15,000 twenty-foot equivalents (TEUs) in chilled imports. In 2022, the Port of Savannah contributed to a 3% increase, handling 64,044 TEUs of loaded imported refrigeration cargo compared with 62,186 TEUs in 2021.

The Port of Savannah is also expected to add four new ship-to-shore cranes. The cranes will be able to handle ocean vessels carrying up to 20,000 TEUs.

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Fast-Food Chain Wendy’s Plans to Cut Greenhouse Gas Emissions by 47%

Wendy’s has announced a plan to reduce its greenhouse gas emissions by 47% or the equivalent of 7.2 million metric tons by 2030. The fast-food chain’s plan consists of lowering emissions at all its company-owned stores and at its corporate offices. In addition, Wendy’s has developed plans to help franchisees and supply chain partners reduce their greenhouse gas emissions.

The plan to cut emissions includes renewable energy purchasing agreements, new refrigerant chemicals and more energy-efficient store designs. Wendy’s currently operates a renewable energy plant that can power seven restaurants with solar energy. One of the company’s new store designs is 10% more energy efficient than its most common store builds.

Wendy’s isn’t the only fast-food chain that is committed to reducing carbon emissions. In 2021, McDonald’s announced plans to achieve net-zero emissions by 2050. One way the company will do so is by powering its supply chain warehouses and distribution centers with 470,000 megawatt hours of solar energy.

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The White House Reveals $950 Million Investment Plan for Central America

The Biden Administration recently revealed a $950 million investment plan between big-box retailers that will improve sourcing, infrastructure, and businesses in Central America. This announcement brings the total investment amount to $4.2 billion since May 2021. 47 companies and organizations are currently involved with the Partnership for Central America, a public-private collaboration that coordinates with the White House.

Target has committed to increase spending by $300 million in El Salvador, Guatemala, and Honduras by 2033. This investment will expand its relationships with vendors that have a presence in the region. Columbia Sportswear has plans to buy $200 million worth of products from the Central America region. The company expects its purchases will create more than 6,900 jobs over the next five years.

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