REDWOOD CITY, CALIF.—
The Port of Redwood City (Port) announced strong third quarter record breaking tonnage of 2M metric tons year to date for the period ending March 31, 2019. This is the second time in the Port’s history that cargo has reached these significant levels, an increase of nearly 22% above the prior year. Additionally, cargo vessels calling the Port has increased 29.8% from the prior year. This record performance translates into $7.1M in revenue, an increase of nearly $900K over last year’s financial performance of $6.2M. The third quarter economics demonstrate continued regional growth and reflect the Port’s strategic location fueling cargo to Silicon Valley’s construction industry.
“Following a record breaking year in FY 2017-18, these results reinforce the Port’s significance supporting economic growth in Silicon Valley and the Bay Area,” said Lorianna Kastrop, Port Commission chair. “We anticipate strong results to continue through the rest of the fiscal year.”
Strong Third Quarter Cargo Growth
Year to date, for the period ending March 31, 2019, the Port’s cargo results grew from 1.67M metric tons to 2.03M metric tons, an increase of 365K tons. Vessel calls increased from 47 to 61 for the third quarter, transporting cargo from countries such as Australia, Canada, and Mexico, while exports travel to Korea, Vietnam, Malaysia, India, and Bangladesh.
Strong Third Quarter Financial Results
This cargo growth resulted in a 14.4% increase in revenues from $6.2M to $7.1M, over the previous period in 2018. The increase of nearly $900K in revenue is a result of the strong construction market in the Silicon Valley region. Last year’s fiscal year cargo and revenue results were the best in operational history, generating a 49% increase in cargo over the prior year. The Port’s third quarter cargo and revenue activity highlights its focus on construction materials to the area with top ranking materials imported including sand, aggregates, gypsum, slag, and bauxite, with scrap metal as the primary export.
Strong Financial Status Earns Port Higher Bond Rating
The Port’s record results helped earn a strong A- bond rating by S&P (Standard & Poor’s), which can spark continued reinvestment in the Port and reflects the Port’s continued strong fiscal management.
The Port of Redwood City is the only deep-water port in the South San Francisco Bay, with a channel depth of 30 feet mean lower low water (MLLW), offering three deep-water berths and five wharves to support international foreign trade and maritime activities of the Silicon Valley region and west coast of the United States.
For more about the Port of Redwood City, go
here
.
###
