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NEWS BULLETIN
Thursday, March 26, 2015

Port of Seattle numbers
better than 2014 budget

Senate Oks William P. Doyle
as Federal Maritime Commissioner

Drewry releases report covering
multipurpose shipping market

Port of Tacoma honors trio
with this year's Summit Awards

Carloads down, intermodal up
in latest weekly rail traffic report

Port of Seattle numbers
better than 2014 budget

SEATTLE — The Port of Seattle reports that according to its 2014 financial performance, total operating revenues met budget, expenses were nearly five percent below budget and net operating income was six percent above budget. In 2014, Sea-Tac International Airport passengers increased 7.7 percent above 2013. Seaport net operating income exceeded budget by $1 million, as TEU volume dropped 11 percent from 2013. Grain volumes were up 168 percent from 2013, at 3,618 metric tons, and 64 percent over 2014 budget. Cruise showed over 800,000 revenue passengers for the seventh year in a row. The Real Estate Division showed a net operating income that exceeded budget by nearly $2 million, with port commercial properties at 93 percent occupancy, above the year-end 2014 Seattle market average of 92 percent. Recreational marinas were at target occupancy of 96 percent. Including both operating and non-operating revenues, overall 2014 total revenues were $742.4M, $11.9M higher than the budget and $8.2M higher than the 2013 actual. 2014 total expenses were $611.0M, $41.7M lower than the budget and $11.8M lower than 2013 actual. The port’s bottom line net income for the year was $131.5M, up $20 million, or 18 percent over 2013.

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Port of Tacoma honors trio
with this year's Summit Awards

TACOMA — The Port of Tacoma recognized its relationships with customers and stakeholders by honoring three with the fourth annual Summit Awards for their outstanding contributions to port business and the Pierce County community. Presented March 25 at the port’s annual breakfast, award recipients included the Tacoma Seafarers’ Center for Livable Community, Harley Marine Services for Environmental Stewardship and Regal Logistics for Business Magnet. Recipients were selected by a panel of community and business leaders led by Port of Tacoma Commissioner Connie Bacon. The panel included Tacoma Mayor Marilyn Strickland, Port of Tacoma Endowed Chair Joel Baker, who leads research at the Center for Urban Waters, and Vince Santiago, president of the Tacoma Transportation Club.

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Senate Oks William P. Doyle
as Federal Maritime Commissioner

WASHINGTON, DC — The United States Senate confirmed President Obama’s nomination of William P. Doyle on March 23, 2015 as Federal Maritime Commissioner. Commissioner Doyle will be sworn in for his second term as Commissioner in the next several weeks. Prior to his appointment to the FMC, Commissioner Doyle spent his career in the transportation sector. He is a Coast Guard licensed engineer and served as an officer in the U.S. Merchant Marine, sailing commercially on vessels in the domestic and international trades for 10 years. From 2011 to 2013, the Commissioner served as the chief of staff for the Marine Engineers’ Beneficial Association (MEBA). From 2008 to 2011, Commissioner Doyle was the director of permits, scheduling and compliance at the Office of the Federal Coordinator for Alaska Natural Gas Transportation Projects. Commissioner Doyle received a B.S. in marine engineering from the Massachusetts Maritime Academy and a J.D. from Widener University School of Law.

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Carloads down, intermodal up
in latest weekly rail traffic report

WASHINGTON, DC — The Association of American Railroads (AAR) has reported U.S. rail traffic for the week ending Mar. 21, 2015. For this week, total U.S. weekly rail traffic was 562,472 carloads and intermodal units, up 1.9 percent compared with the same week last year. Total carloads for the week ending Mar. 21, 2015 were 284,618 carloads, down 2.4 percent compared with the same week in 2014, while U.S. weekly intermodal volume was 277,854 containers and trailers, up 6.7 percent compared to 2014. For the first 11 weeks of 2015, U.S. railroads reported cumulative volume of 3,082,147 carloads, up 0.9 percent from the same point last year; and 2,740,253 intermodal units, down 0.4 percent from last year. Total combined U.S. traffic for the first 11 weeks of 2015 was 5,822,400 carloads and intermodal units, up 0.3 percent compared to last year.

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Drewry releases report covering
multipurpose shipping market

LONDON — Global dry cargo demand growth, forecast at five percent per annum from 2016 to 2019, will be offset by falling project cargo volumes over the next 12 to 18 months, according to the latest edition of the Multipurpose Shipping Market Review and Forecaster, published by Drewry Maritime Research. ‘‘The fall in oil prices, coupled with growing demand and a diminishing fleet should be good news for the multipurpose shipping sector. However, it appears that the flipside of lower bunker prices is a global decline in oil and gas investment projects. There have already been reports of fewer project cargoes available for the multipurpose fleet to carry as project investment has started to slow’’, comments Susan Oatway, lead analyst, Drewry Maritime Research. With the fall in prices, there is less incentive to invest in oil and gas projects – one of the largest project cargo sectors. This will, in turn, mean a reduction of available cargo and slower demand growth for the fleet. ‘‘Our analysis of the fleet shows that the simple multipurpose fleet is in decline, with little investment beyond replacement tonnage. However the more advanced vessels, the project carriers, are seeing fleet growth of around 3.5 percent per annum to end 2018. It is the cargo for these vessels that is directly affected by this slowdown in the sector’’, said Ms. Oatway.The effective demand for the multipurpose fleet is set to rise at an average rate of five percent per annum to 2019. But, there is a caveat to this positive forecast, effective over the next two years. Because of the fall in oil prices and the competition from the container fleet in particular, the growth in demand is expected to be subdued over 2015 and 2016. Drewry’s Multipurpose Shipping Market Annual Review and Forecast provides an in depth view of the market and covers a range of topics, including trade, fleet, market, economics and costs. For more information, refer to the Multipurpose Shipping Market Review and Forecast 2015 on Drewry’s website.

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