Korean Company Extends Port of Seattle Berthing Lease

Press Release
Tuesday, December 11, 2012
Seattle Harbor: Photo credit Port of Seattle

The Port of Seattle Commission approves lease extension with Total Terminals International (TTI), a J/V subsidiary of Hanjin Shipping & Terminal Investment Limited (TIL).

The ten-year lease extension will secure continued volume and revenue at Terminal 46 for the next 13 years, through 2025.

Hanjin Shipping, headquartered in Seoul, South Korea, is a subsidiary of the Hanjin Group, a large transportation conglomerate that includes Korean Air Lines.  Hanjin is the largest container line in Korea and the 8th largest worldwide.  Hanjin has been operating in Seattle harbor since 1981, and have been at Terminal 46 since 1986.

Terminal 46 is an important component of the container terminal operations, generating approximately 20% of the container cargo currently passing through the port.  Cargo volumes at Terminal 46 are currently estimated to annually generate 3200 direct, induced and indirect jobs.  In addition, current activities at the terminal are estimated to annually generate over $370,000,000 in business revenue and over $24,000,000 in state and local taxes.

“We worked very hard to keep TTI in the Port of Seattle.” said Gael Tarleton, President of the Port of Seattle Commission.  “The cargo handled at T-46 means thousands of jobs and economic benefit for our region, which gets us closer to achieving the goals of the Century Agenda, calling for increasing freight volume at the port to 3.5 million TEUs in the next 25 years.”
 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

NAO Announces Financials, Declares Dividend

Nordic American Offshore Ltd. has declared a dividend of $0.45 per share for 3Q2014, as previously announced. This is the same dividend as for the previous two quarters.

Vale Financials Disappoint; Iron Ore Prices, Currency Cited

Brazil's Vale posted a surprise loss of $1.44 billion on Thursday, hurt by a fall in the price of iron ore, higher production costs and a weakening Brazilian currency.

Naviera Integral Orders Damen Fast Crew Suppliers

Naviera Integral of Mexico is the launching customer of Damen’s new Sea Axe Fast Crew Supply vessel, the FCS 4008. President of Naviera Integral, Juan Pablo Vega,

Ports

Partnerships Key to Caribbean Maritime Security

Planning and execution of port and maritime safety and security in Caribbean region is all about partnerships Maritime security and safety experts are meeting in Nassau,

Braemar Hosts Insurance Experts

Braemar (incorporating The Salvage Association) welcomed an invited group of marine insurance professionals onto its specialist port and shipyard familiarization

St. Lawrence Seaway Receives Strike Notice

The St. Lawrence Seaway Management Corporation (SLSMC) was served a 72-hour notice to strike by UNIFOR, a group representing the Seaway’s 460 unionized employees.

Container Ships

CMA CGM to Retrofit 10 More Bulbous Bows

The CMA CGM Group said it will retrofit 10 of its vessels’ bulbous bows to achieve improved energy efficiency for slow steaming. The modifications are in addition

Danaos Corp. 3Q & 9M Results

Danaos Corporation, a leading international owner of containerships, today reported unaudited results for the period ended September 30, 2014. Highlights for

'Environmental' Hull Cleaning Ops OK'd in Oman

Oman’s Ministry of Environment and Climate Affairs has granted GAC EnvironHull permission to conduct underwater hull cleaning operations using the brush-and-diver-free

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1362 sec (7 req/sec)