After several years of record cargo performance, Port of Tacoma cargo volumes flattened in 2007 due, in part, to a softening U.S. economy, a weakening national housing market and the rising cost of inland transportation.
From 2002 through 2006, Tacoma set successive containerized cargo records, with volumes growing from 1.5 million TEUs (20-foot units) to 2.1 million TEUs. In 2007, the Port’s container volume totaled 1.9 million TEUs.
The Port of Tacoma’s non-containerized cargoes remained strong in 2007. Total tonnage was up 3 percent, grain held steady at 6 million tons, breakbulk was down 4 percent, and the Port’s automobile volume finished the year up 5 percent.
The Port of Tacoma’s 2007 cargo volumes were:
— Total Tonnage: 19.564 million tons (up 3 percent)
— Containerized Cargo: 1.93 million TEUs (down 7 percent)
— Breakbulk Cargo: 123,647 tons (down 4 percent)
— Autos: 175,074 units (up 5 percent)
— Intermodal Lifts: 481,102 (down 19 percent)
— Grain: 5.97 million tons (down 1 percent)
While cargo volumes declined in 2007, Farrell notes that the Port’s financial performance remained strong. The Port closed 2007 with $97.6 million in operating revenue — a 6.3 percent increase from 2006.
Port Commission President Dick Marzano says the Port of Tacoma is working to plan and build the facilities and infrastructure that will be needed to keep the Port competitive in the future. “In 2007, we announced major agreements that will bring NYK Line to Tacoma at its own 168-acre (68-hectare) terminal and a redevelopment and expansion of the TOTE (Totem Ocean Trailer Express) Terminal,” he said.
The Port of Tacoma’s 2008 cargo forecast includes:
— Total Tonnage: 20.1 million tons (up 3 percent)
— Containerized Cargo: 2.05 million TEUs (up 6 percent)
— Breakbulk Cargo: 131,000 tons (up 6 percent)
— Autos: 187,300 units (up 7 percent)
— Intermodal Lifts: 525,350 (up 9 percent)
— Grain: 6.0 million tons (flat)