Hanjin Signs Amendment With Port of Seattle

Hanjin has recently signed an agreement with the Seattle port authority to begin large-scale facility expansion and modernization at the overseas terminal.

Hanjin, ranking 4th among container carriers worldwide, and one of the Port of Seattle’s largest volume shippers, has renewed its 15 year contract with the local Port Authority. Originally signed in 1986, the agreement has been amended so that facility expansion and modernization of the exclusive terminal may commence. Under the agreement, facility operation is set at 10 years with a five-year option, and by 2004, roughly 50 million dollars will have been invested into the project.

The new terminal has already been expanded from 60 to 70 acres, and once construction is finished in 2004 it is expected to reach a total of 88 acres. The berth, which is currently 571 meters, will be lengthened to 610 meters, thereby allowing for the simultaneous handling of two 5,000TEU vessels. In addition, a new administrative building, new truck gates, yard improvements, and three Post-Panamax size cranes will be installed in order to accommodate Hanjin’s increased cargo handling.

Seattle’s position as an international business center and gateway has encouraged Hanjin’s decision to expand and modernize its terminal and facilities. In turn, Hanjin’s position as a strong asset to the Port of Seattle has led to investment on the part of the Port Authority. As Port CEO M.R. Dinsmore states, “Keeping a growing customer like Hanjin in the highly competitive container shipping business is testament to the Port of Seattle’s ability to thrive in this environment.” In line with the spirit of Hanjin for the new millennium, the new improvements will allow Hanjin to handle increased cargo volume, operate more efficiently, and offer superior service to its clients.