THE PORT AUTHORITY OF NY & NJ
Press Release Article
PORT OF NEW YORK AND NEW JERSEY SETS CARGO RECORD
DURING FIRST SIX MONTHS OF 2006
Date: Sep 14, 2006
Press Release Number: 67-2006
Fueled by a continuing increase in Asian trade, the Port of New York and New Jersey set a new cargo record during the first six months of 2006, surpassing 1.7 million loaded 20-foot equivalent units (TEUs) handled during the period for the first time.
During the first half of 2006, the port’s overall loaded containerized cargo rose by 8 percent, exceeding projections of 7 percent growth. The increase was due primarily to Asian trade, which accounted for 48 percent of the port’s total trade in the period. Approximately 860,000 TEUs to and from Asia were handled in the port during the first half of the year.
New Jersey Governor Jon S. Corzine said, “The port has been a vital component of New Jersey’s economy, supporting 233,000 jobs and generating $12 billion in wages for the region. With cargo volumes projected to increase in coming years, the State of New Jersey and the Port Authority are working cooperatively on strategies to convert vacant brownfield sites near the port into critical warehousing and distribution facilities that will support future port activities.”
New York Governor George E. Pataki said, “The successes achieved by our port have been the driving force behind the region’s economic growth and prosperity. Port-related activities result in $6 billion in state and local tax revenues in the region, which clearly shows the port’s importance to the regional economy. We will build on our achievements through targeted investments in our port terminals, including $350 million we have earmarked for the Howland Hook Marine Terminal on Staten Island to provide infrastructure improvements.”
Port Authority Chairman Anthony R. Coscia said, “Given the port’s importance to the millions of people who live and work in the region, we have developed a 10-year strategic plan to allow us to continue growing by a projected 7 percent a year with growth in cargo such as beverages, furniture, clothing and other goods that our region’s consumers are demanding. Our plans call for investing more than $1 billion to deepen port channels and to make sure we have the infrastructure in place that continues to make our port attractive to international shippers and moves more goods without increasing congestion on our roads.”
Port Authority Vice Chairman Charles A. Gargano said, “One of the biggest success stories in our port is the resurgence of Staten Island’s Howland Hook Marine Terminal. To accommodate the phenomenal growth experienced by the terminal during the past decade, we are preparing to launch rail service from the terminal later this year, providing a major benefit for shippers looking to do business in the region.”
Port Authority Executive Director Kenneth J. Ringler Jr. said, “The tremendous cargo growth we continue to experience presents us with a major challenge. We’re responding with a $600 million investment in rail infrastructure that will help us to improve productivity at the port, and we continue to work closely with the private terminal operators to provide longer gate hours and new technology that will allow cargo containers to be moved on and off the port more efficiently.”
Port Authority Port Commerce Director Richard M. Larrabee attributed the growth in containerized cargo to increasing demand for all-water shipment directly to the New York-New Jersey region. “As large and small importers find that direct all-water service from Asia to our region is the best method to secure a reliable supply chain, we will continue to see growth in these important markets.”
Mr. Larrabee said that as cargo volumes grow, the Port Authority will continue its vigilance and activities to enhance port security. “We have spent nearly $85 million since 2001 on port-related security initiatives. Together with our partners in the local, state and federal governments, as well as in the maritime industry and labor, we are working closely to ensure a safe and secure port.”
Overall, the Port of New York and New Jersey handled 1,787,963 loaded TEUs for the first six months of 2006, compared to 1,654,483 TEUs for the same period in 2005, according to the Port Import-Export Reporting System (PIERS). Imports for the period were up 9.2 percent – from 1,164,338 TEUs in 2005 to 1,271,110 TEUs in 2006. Exports rose by 5 percent – from 490,145 TEUs in 2005 to 514,847 TEUs in 2006.
Leading the growth of containerized imports were paper and paperboard (35,330 TEUs), up by 41 percent over 2005; women’s and infant clothing (41,416 TEUs), up 46 percent; and beer and ale (30,929 TEUs), up 31 percent over 2005. The top export categories were paper and paperboard (106,810 TEUs), up 8 percent over 2005; and automobiles (38,656 TEUs), up 18 percent.
The Port Authority of New York and New Jersey operates many of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia and Teterboro airports; AirTrain JFK and AirTrain Newark; the George Washington Bridge and Bus Station; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH (Port Authority Trans-Hudson) rapid-transit system; the Port Authority-Downtown Manhattan Heliport; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Brooklyn Piers/Red Hook Container Terminal; and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan.
The Port Authority is financially self-supporting and receives no tax revenue from either state.