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 April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Modernization for Two Swedish Icebreakers

Protacon, a company based in Jyväskylä, Finland, informs it has received an order from Swedish Maritime Administration for the modernization of electric and automation systems of two icebreakers.

Maersk Issues 'letter of undertaking' to Iran

Maersk Line said on Wednesday it had provided a letter of undertaking in relation to uncollected cargo that has led to the seizure by Iranian authorities of the vessel Maersk Tigris.

Iran: Maersk Boxhip Dispute Near Settlement

Iran said on Wednesday a legal settlement could be reached soon over its seizure of the Marshall-Islands flagged Maersk Tigris container ship in the Strait of Hormuz last month,

Ports

India, Iran Ink Port Deal Despite US Warning about Haste

India reached a deal on Wednesday to develop a strategic port in southeast Iran despite U.S. pressure not to rush into any such trade agreements before world powers

First Foreign Tanker Docks at Derna Since January Air Strike

Libya has persuaded a foreign shipper to send a tanker to the eastern port of Derna for the first time since a warplane belonging to the official government bombed

Shell Declares Force Majeure on Forcados Crude Exports

Shell has declared force majeure on exports of Nigeria's Forcados crude oil stream, a spokesman for the company said on Wednesday.   It declared force majeure

Container Ships

CMA CGM'S Largest Ship Crosses Suez Canal

The CMA CGM Group has announced that the CMA CGM KERGUELEN, the group’s largest vessel, crossed the Suez Canal for the first time on May 2, 2015. On this occasion,

Maersk Issues 'letter of undertaking' to Iran

Maersk Line said on Wednesday it had provided a letter of undertaking in relation to uncollected cargo that has led to the seizure by Iranian authorities of the vessel Maersk Tigris.

Iran: Maersk Boxhip Dispute Near Settlement

Iran said on Wednesday a legal settlement could be reached soon over its seizure of the Marshall-Islands flagged Maersk Tigris container ship in the Strait of Hormuz last month,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Electronics Sonar
rss | archive | history | articles | privacy | 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: 0.1908 sec (5 req/sec)