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.
