Northwest Seaport Alliance adopts budget for 2019
The Managing Members of The Northwest Seaport Alliance adopted a budget for 2019 as well as a five-year capital investment plan. The budget and investment plan allow for terminal modernization to accommodate larger vessels and retain a competitive position in the global marketplace. The budget also includes environmental and business development investments.
Planned capital improvements take the NWSA one step closer to transforming Seattle’s Terminal 5 into a premier international container facility on the West Coast. The Managing Members passed a motion authorizing CEO John Wolfe to prepare a lease, bidding documents and a request for construction funds for the necessary upgrades. Final negotiations with a potential tenant are currently underway.
Improvements to T-5 will include dock and power upgrades and berth deepening to handle the world’s largest cargo ships. Currently, T-5 can handle vessels with a capacity of up to 6,000 twenty-foot equivalent units (TEUs), but shipping lines are now investing in vessels with 18,000 TEU capacity or greater.
Modernizations at T-5 bring environmental benefits as well, allowing creosote-treated wooden piles to be replaced with a panelized fender system and increasing the electrical capacity of the terminal for quieter, cleaner operations.
A negotiated lease and a request to initiate construction are expected to come to the Managing Members for approval in the first quarter of 2019.
About The Northwest Seaport Alliance
The Northwest Seaport Alliance is a marine cargo operating partnership of the ports of Seattle and Tacoma. Combined, the ports are the fourth-largest container gateway in North America. Regional marine cargo facilities also are a major center for bulk, breakbulk, project/heavy-lift cargoes, automobiles and trucks.