Tuesday, December 18, 2012

Hanjin/TTI’s Port of Seattle Lease Extended

The Port of Seattle Commission has approved a 10-year lease extension with Total Terminals International that’s expected to secure continued volume and revenue at the port’s Terminal 46 through 2025.

“We worked very hard to keep TTI in the Port of Seattle,” Port Commission President Gael Tarleton said of the extension, which was approved Dec. 11. “The cargo handled at T-46 means thousands of jobs and economic benefit for our region.”

Terminal 46 generates about 20 percent of the container cargo currently passing through the port. Cargo volumes at the terminal are estimated to generate 3200 direct, induced and indirect jobs annually. In addition, current activities at the terminal are estimated to annually generate over $370 million in business revenue and over $24 million in state and local taxes.

Tenant TTI is a joint venture subsidiary of Hanjin Shipping and Terminal Investment Limited. South Korea-based Hanjin Shipping has been operating in Seattle harbor since 1981 and has been at Terminal 46 since 1986.

“Hanjin Shipping and (the) Port of Seattle have been working together since 1986 and we hope our partnership will last in harmony and mutual growth,” Hanjin Vice President and shipping manager Tae-Hoon Kim said in a prepared statement.