Seattle and Tacoma Ports Cement Alliance
The port commissions of Seattle and Tacoma voted unanimously to form the Northwest Seaport Alliance, unifying the longtime rivals’ marine cargo divisions.
The alliance aimed at helping the former rivals stave off growing competition, and regain market share. "The Seaport Alliance is an effort for the ports to keep their operations competitive," say local media.
Facing increased competition from Port Metro Vancouver and Prince Rupert, the Northwest Seaport Alliance will allow Seattle and Tacoma to work together as the third-largest U.S. container gateway.
While the ports remain separate organizations and retain ownership of their respective assets, they formed a port development authority to manage the container, breakbulk, auto and some bulk terminals in Seattle and Tacoma.
Under the agreement adopted Tuesday, each port will make an initial cash contribution of $25.5 million to the alliance. The ports said the alliance aims to grow cargo to 6 million 20-foot equivalent container units, or TEU, by 2026.
Last year, the Ports moved 3.4 million TEU. Port leaders said the alliance will also focus on making the ports more efficient by improving infrastructure and railways.
“We’ve got major issues here, folks, and we can’t afford to spend our way out of this unless it’s a coordinated strategy,” Port of Tacoma Commissioner Don Meyer said.
The alliance doesn’t include the airport; cruise business; marinas, such as Fisherman’s Terminal; grain terminals and industrial real estate.
