Korean Company Extends Port of Seattle Berthing Lease
The Port of Seattle Commission approves lease extension with Total Terminals International (TTI), a J/V subsidiary of Hanjin Shipping (117930.KS) & 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 (003490.KS). 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.”