The extension will secure continued volume and revenue at Terminal 46 for the next 13 years, through 2025.
“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.”
“This effort was the product of a lot of hard work on the part of many, including the governor, the commission and the staff to offer TTI a competitive proposal,” said Tay Yoshitani, Port of Seattle CEO. “We are extremely pleased with the outcome, which will continue our 20 plus year partnership while remaining responsible stewards of public enterprise.”
“We are pleased to continue our partnership with the Port of Seattle for the next 13 years,” said Mr. Tae-Hoon Kim, Vice President and Manager of Hanjin Shipping. “Hanjin Shipping and Port of Seattle have been working together since 1986 and we hope our partnership will last in harmony and mutual growth.”
“This clarifies the direction for the future of Seattle’s working waterfront at Terminal 46,” said Cameron Williams, President of ILWU local 19. “This is a real win for family wage jobs, and for Seattle as a global trading partner.”
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.
Last year, the Port of Seattle harbor handled over two million TEUs (20 foot equivalent units) of containers that contributed over 22,000 family wage jobs and $2.6 billion in revenue for the local economy. Over the next 25 years, the Century Agenda will add 100,000 jobs through economic growth led by the Port of Seattle, for a total of 300,000 Port-related jobs in the region, while reducing our environmental footprint.