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Zero charter rates confirmed today as dry-cargo pain intensifies.
Seattle surprise despite box decline
US-based Port of Seattle reported a jump in revenue despite a slump in container volume.
Port of Seattle
Seattle saw twenty foot equivalent unit (teu) volume drop to 1.5m teu in 2009, a 7% decline compared to 2008 levels, according to today’s earnings release.
A boost to the bottom line came from the cruise division, which added $5.3m to the port’s coffers, a 13% gain over 4.7m in 2008.
Grain handling contributed an additional $4.7m, down 6% from a year prior
The container division’s annual revenue shot up 11% to $37.2m from $33.4m in 2008.
Total operating income was $50.1m, up 10% year-to-year from $46m.
Port of Seattle, situated on the West Coast of the US, says the positive figures are a result of increased cash from port-owned crane rentals, cost-cutting measures and the unexpected hike in cruiseship traffic.
Consolidated West Coast ports, including compatriot Port of Long Beach, saw on average a 15% decline in container volumes last year.
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