Port of Tacoma Report – January/February 2002

Port extension, a rating upgrade and a planned 'State of the Port' presentation highlight this month's report.

Maersk Pacific Ltd. Pier Extension: Officials from the port, APM Terminals, and Maersk Pacific Limited gathered on January 25 to celebrate the completion of the 600-foot, $9.2 million pier extension at Maersk Pacific, Ltd. on the port’s Sitcum Waterway. The project improves the overall operational efficiency of the terminal, where Maersk Sealand and CSX Lines call.
Port’s bond rating upgraded: Standard and Poor’s has raised the port’s limited-tax General Obligation bonds from A+ to AA-. S&P cited the port’s steady growth in the tax base, strong financial performance, importance to the regional economy, and low direct debt as the reasons for the upgrade. This is the first time the Port has achieved a rating above A+.
Port works to expand facilities for Totem Ocean Transport Express (TOTE): The Port Commission recently approved a new operating agreement and expansion of the TOTE Terminal. The work is designed to meet the operational needs of TOTE’s new vessels, as well as to accommodate future growth. The first of the two new $150 million TOTE vessels is due in Tacoma in October 2002. The redevelopment costs are estimated at $12.5 million, and are scheduled for completion by July 2003.
“State of the Port” presentation planned: At the Port Commission study session on Thursday, February 14, port staff will give a presentation on “The State of the Port.” It will include highlights of major port developments from 2001, as well as challenges and opportunities for 2002. The meeting takes place at 4 p.m., at the World Trade Center (3600 Port of Tacoma Road), and is open to the public.
Auto imports rise at the port in 2001: Auto imports at the Port of Tacoma were up 20 percent for the year 2001. A total of 169,386 units moved through the Port. The port’s container volume was down 4 percent, to 1,320,274 TEUs. All other West Coast ports, with the exception of Los Angeles, also experienced declines in container traffic in 2001. The port’s Alaska trade helped the port’s container volume remain relatively strong. Alaska, which accounts for more than 30 percent of the port’s overall container traffic, was up 3 percent. For other cargo highlights from 2001, check out the port’s web site at: www.portoftacoma.com/tonnage.cfm.
Train information now available on the port’s Web site: Train schedule information is now available on the port’s Web site at:
www.portoftacoma.com/railpublic.cfm.
It was developed by port staff, working in conjunction with the railroads and shipping lines. The overall goal is to use Web technology to improve the flow and accuracy of train schedule information to key parties, allowing better utilization of rail equipment and facilities.
The Port of Tacoma Report is a monthly update that keeps the public informed about what’s happening at the Port of Tacoma. For more information, go to the port’s Web site at:
www.portoftacoma.com.

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