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SINCE
the financial crisis of 2009 the world has
not been the same, and that's just fine
with the Port of Portland.
For
well over a decade now shipping lines have
either flourished or floundered on the strength
of the trades from Asia to Europe and Asia
to the United States.
Trade
flows, particularly since China's accession
into the World Trade Organisation, have
been very one-sided on the outbound-Asia
routes, whereas on the backhaul routes a
40 per cent utilised vessel was considered
a well-stocked ship.
Unsurprisingly
the revenues have also been very one-sided,
so much so that carriers have typically
tried to keep freight rates at high enough
levels on the headhaul legs to cover the
return journey as well.
But
now with labour costs rising in China and
the value of the US dollar declining, Port
of Portland executive director Bill Wyatt
sees great opportunities for his port, which
has traditionally been a more export-oriented
facility¡Xsomewhat of an oddity on the US
west coast...
"If
you think about the transpacific trade,
this is a real kind of turning point. China
is probably done growing at the rate they
have [been growing]¡K And as labour rates
in China grow that will make certain types
of US exports more attractive.
"I
think that suits our market quite nicely
because we are an exporting region, historically.
So we think that bodes very nicely for our
port because we are really structured to
participate in that trade," Mr Wyatt
said.
But
it is not just an export-only port, the
executive director explained. In fact Portland
has been working tirelessly to promote its
import sector in recent years, and the hard
work appears to have paid off.
"We
used to have as many as six containers full
of exports that went out for every one that
came in. We have worked very hard to develop
import business, primarily local import
business, and we've been successful. It
has become almost a 1:1 balance, which of
course the carriers like because they do
not have to reposition the empties as much,"
he said.
This
improvement in both inbound and outbound
cargoes from the port, among a number of
other key advantages, has made Portland
a surprisingly profitable stop for shipping
lines.
Mr
Wyatt said that all of the port's carrier
customers have reported to them that Portland
is one of their most profitable stops in
the US.
"This
is very encouraging news for us," he
said.
Another
factor that has worked to the port's favour,
which ties in with the changing nature of
trade flows, is its barge service offering.
After
all, Portland is a river port and it has
long served the many exporting communities
along the Columbia River and connecting
tributaries.
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