It’s looking like the Port of Seattle will have Hanjin Shipping at Terminal 46 for another 10 years, but at a very expensive price. On Dec. 11 under terms of contract by the port commission, the port will pay Hanjin a one-time $4 million fee upon execution of the contract and also add capital improvements of up to $35 million but accept a less-favorable rate structure, and hand over five cranes to Hanjin for $1 each. The good news is that Hanjin isn’t leaving the port, an outcome that had been widely feared as the Korean ocean carrier has suffered delays during reconstruction of the south viaduct, with more congestion expected if an NBA arena is built nearby. This new contract is also good news for BNSF Railroad, and for the people who work at the Seattle International Gateway container handling yard, because BNSF CEO Matt Rose quoted in an interview that without Hanjin the yard wouldn’t have remained viable.
We are glad and happy that Hanjin will now be staying at Terminal 46 so that it will remain an active cargo terminal. Port Commissioner Rob Holland said he expects the five-member commission will approve the contact, despite the stiff terms
HANJIN SHIPPING WILL STAY IN TERMINAL 46
It’s looking like the Port of Seattle will have Hanjin Shipping at Terminal 46 for another 10 years, but at a very expensive price. On Dec. 11 under terms of contract by the port commission, the port will pay Hanjin a one-time $4 million fee upon execution of the contract and also add capital improvements of up to $35 million but accept a less-favorable rate structure, and hand over five cranes to Hanjin for $1 each. The good news is that Hanjin isn’t leaving the port, an outcome that had been widely feared as the Korean ocean carrier has suffered delays during reconstruction of the south viaduct, with more congestion expected if an NBA arena is built nearby. This new contract is also good news for BNSF Railroad, and for the people who work at the Seattle International Gateway container handling yard, because BNSF CEO Matt Rose quoted in an interview that without Hanjin the yard wouldn’t have remained viable.
We are glad and happy that Hanjin will now be staying at Terminal 46 so that it will remain an active cargo terminal. Port Commissioner Rob Holland said he expects the five-member commission will approve the contact, despite the stiff terms