For Immediate Release
March 9, 2016
Steel, project cargo and grains see largest increases
The port reported a record $38.2 million in operating revenue in 2015, up from the previous record of $37.5 million in 2014. Tonnage – total import and export cargo – was at 6.95 million metric tons, a nearly 5.5 percent increase from 2014.
As expected, operating expenses also grew in 2015 to accommodate new staff and investments in infrastructure and facilities such as Centennial Industrial Park and Terminal 1, the port’s waterfront project.
“Our docks are busy, our industrial facilities are full and we’re making great strides on critical projects like Centennial Industrial Park and the waterfront redevelopment,” said port CEO Todd Coleman. “We’ve added some great folks to our world-class staff to make sure we’re growing thoughtfully and planning for the future.”
Exports: More gains for grains
Overall exports moving through the Port of Vancouver were up 3.8 percent in 2015. Grain – wheat, corn and soybeans – continues to be the port’s largest export by volume. Grain overall increased by 6.4 percent to 4.56 million metric tons in 2015. While wheat exports saw a slight decrease due to fluctuations in currency and the global economy, corn exports increased by 19.5 percent and soybean exports grew by an impressive 58.6 percent.
United Grain Corp. moves the majority of grain at the Port of Vancouver. For years the company has partnered with the port to invest in facilities that take advantage of increased rail capacity from the port’s West Vancouver Freight Access project, supporting our region’s ability to answer demand from the competitive and growing global grain market.
Imports: Steel, project cargo and Subarus
Overall imports increased by 12 percent in 2015. Much of the increase was fueled by gains in steel and project cargo, which require the Port of Vancouver’s unique equipment capabilities and laydown space.
Steel slabs, a new commodity for the port in 2014, took total steel import tonnage to 770,627 metric tons – an increase of 30.5 percent from 2014 to 2015. Project cargo, such as massive transformers handled at the port for a Bonneville Power Administration energy project, saw a 103 percent increase.
It was also a great year for the Port of Vancouver’s partnership with Subaru of America Inc. The Japanese automaker signed a lease extension in 2015, extending its partnership with the port until at least 2030. Subaru’s imports at the Port of Vancouver grew to 90,183 vehicles in 2015 – a 10 percent increase over 2014 and another record-breaking number for this longtime port tenant.
Steady revenue, continued investments in 2016
Things are looking good for the port in 2016. Because of a broad-based commodity portfolio, the port is able to keep goods moving despite fluctuations in the world market. The port is well-positioned to handle these fluctuations and take advantage of upticks in commodities such as wind energy, automobiles and grain.
The port will also continue redeveloping a 10-acre site it owns on the Columbia River. Known as Terminal 1, the site is the port’s birthplace and home to its first warehouse, built in the 1920s through a partnership with the City of Vancouver. When fully developed, Terminal 1 could feature a public marketplace, new hotel, retail and commercial office space, and visitor amenities.
The Port of Vancouver USA is one of the major ports on the Pacific Coast, and its competitive strengths include available land, versatile cargo handling capabilities, vast transportation networks, a skilled labor force and an exceptional level of service to its customers and community. For more information, please visit us at www.portvanusa.com.
Abbi Russell, Communications Manager