And plenty of the world's container vessels are sitting idly waiting for the world economy to pick up after the recent recession in the rich world.

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Officials are confident that once the expansion plan is complete it will double the capacity of the port so that it can host at least 12 container vessels at any given time.

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Equity was available from private investors who got tax deductions, these funds were created and promoted by the financial community, and this really led to a boom in building of multi-purpose, heavy lift, and container vessels as well.

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The investment bill could rise yet more because of a change in the pattern of trade: in 2014 the Panama Canal opens a second lane, doubling its capacity and allowing it to carry bigger container vessels and bulk ships.

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In the longer term, the project, named The Northern Gateway, will involve dredging a channel 14.5m deep a mile out to sea, to allow 300m long deep sea container vessels to dock at a new quayside, opening the North East up to new markets in the far east.

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According to Greg Zikos, chief financial officer of Costamare, a Greek shipowner which rents its vessels to container lines, they have come to their senses following last year's price war, and are now seeking profits, not market share.

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Goods could be transferred from the big container ships arriving at the port to smaller vessels which could then reach dozens of harbours in the southern United States.

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Boston's vast port nestles close to the skyscrapers of the city's financial district. 1, 500 vessels come in and out of here each month, mostly large container ships carrying gas and petroleum products.

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