This has been on the cards for some time and this development is a must for the port, there are a number of major port developments in Europe that will add more capacity and competition in to the sector, for example in the (UK) there is the Felixstowe South reconfigeration, London Gateway, Bathside Bay and proposed developments in Bristol and Teeside.
But ports in the (UK) also face competition from ports in Northern Europe where there are other major developments eg massvalkte 2 & Euromax terminals both in Rotterdam plus others.
Southampton needs more development both in channel depth and container capacity to be able to compete in the global market.
Although there is a down turn in the global economy at present this will not last for ever and Southampton needs to be ready for future growth.
I for one cannot wait to see the dredgers passing Calshot and work commencing on 201 & 202 berths.