At the close of business on December 31, 2002, the Port of Tacoma had
generated operating revenue of $72.9 million, up 19 percent from 2001. The
previous record was set in 2000 at $62.3 million.
"It's not surprising that in a year of record volumes, we would also set a
record for operating revenue," said Andrea Riniker, the Port's Executive
Director. "We are proud of our accomplishments, but we are not sitting back
on our laurels. Our Port Commission has authorized a $341 million Capital
Improvement Plan, designed to continue our momentum and keep the Port of
Tacoma growing as a major Pacific gateway well into the future."
The Port of Tacoma closed 2002 at 1,470,834 TEUs (twenty-foot equivalent
units) -- an 11.4 percent increase from 2001. According to Brendan Dugan,
the Port's Senior Director of Marketing and Trade, the 2002 record will soon
be exceeded. "We are set to begin first-phase construction of a new
container terminal for Evergreen Marine Corporation (Taiwan) that will
eventually have 237 acres and a 1.2 million-TEU capacity," he said, noting
that Phase 1 of the new terminal is scheduled for completion in late 2004.
"This opens Evergreen's current 75-acre terminal, which has an annual
capacity of 450,000 TEUs, for a new tenant or expansion of an existing
The Port of Tacoma's 2002 container volume was driven by a 19 percent growth
in international business, said Dugan, explaining the new China-Pacific
Northwest service of Lloyd Triestino (Italy), which started in April 2002,
was the largest single factor in this growth.
Meanwhile, at the Port's three major intermodal yards, intermodal lifts
(transfers of containers between ship and rail) increased markedly in 2002.
The Port handled 362,344 intermodal lifts in 2002 -- an increase of 36.6
percent from 2001.
Each of the Port's three intermodal yards recorded volume increases in 2002,
led by a 69 percent gain at the North Intermodal Yard (NIM). Serving
Evergreen, Lloyd Triestino, "K" Line (Japan) and Yang Ming Marine
Corp. (Taiwan), the NIM benefited from Lloyd Triestino
's new China service
and from "K" Line's partnership with Hanjin Shipping Co., Ltd. (Korea),
significantly expanding its cargo volume through Tacoma.
The Port's investment in rail infrastructure over the past year, including
the completion of a $7.8 million NIM upgrade, also contributed to this
success, explained Jeannie Beckett, the Port's Senior Director of Inland
Transportation. "Following the October lock-out (a 10-day interruption of
shipping activity), our rail system and intermodal yards responded with
record productivity, quickly alleviating the cargo backlog and allowing the
Port to pursue additional business opportunities."