THE Northwest Seaport Alliance (NWSA) has given the green light to commence the project to transform Terminal 5 into a "premier international container terminal", after signing a lease agreement with SSA Terminals LLC.
Public and private investment in the redevelopment of the Seattle terminal totals US$500 million and is likely to create 6,600 new jobs and generate US$2 billion worth of business activity.
Modernising Terminal 5 is expected to reinvigorate its cargo-handling operations, boost competitiveness and allow the trade hub to accommodate the growing number of mega-ships visiting west coast ports, Port Technology reported. Back in 1997 the average containership had a capacity of 4,800 TEU, which has now risen to 14,000 today.
Port of Seattle commission president Stephanie Bowman said: "These actions will ensure robust and competitive marine cargo and maritime industrial activities in our harbour for the next 30 years, sustaining and creating family-wage jobs and economic opportunity for the region.
Under the new lease agreement, SSA Terminals LLC will start operating the facility once the first phase of construction is finished in 2021.