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Port of Portland set to take advantage of changing global economic climate

 


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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