Tuesday, September 8, 2020

Port of Redwood City Cargo Tonnage Falls 21 Percent from a Year Ago

The effects of the COVID-19 pandemic and other factors have dented cargo numbers at the Port of Redwood City, which saw cargo tonnage drop by 21 percent from 2.65 metric tons in Fiscal Year 2018-2019 to 2.1 metric tons in Fiscal Year 2019-2020, the port announced Aug. 31.

The port has taken a financial hit of about 6 percent as a result of the lowered cargo volume, seeing gross revenues drop from $9.3 million to $8.7 million from the previous fiscal year.

Like other seaports, Redwood City is not immune to the impact of COVID-19, which has resulted in canceled sailings and lowered demand for consumer goods. Government mandates are also affecting the numbers, according to the port.

“Most of this decline took place in the fourth quarter of our fiscal year, which tells us it is a direct result of the statewide mandates impacting the construction industry due to COVID-19,” said Port Board Chairman Ralph A. Garcia. “Prior to that, we were on track for our third record-breaking year in a row with cargo movement.”

Port officials remain positive that the drop in numbers will be temporary, adding that cargo is back up to about 80 percent of pre-pandemic volumes.

“Despite the market’s reaction to this pandemic, the port is in an enviable position in that we’re not having to tap our reserves or reduce operational levels,” said Port Executive Director Kristine A. Zortman. “Still, we are keeping a close eye on global conditions and will be adjusting things as needed as we continue to monitor this turbulent time.”