Port of Oakland forecasts steady growth as partners invest
Nearly $700 million going into major projects, many to come online by summer
Oakland, Calif. – March 30, 2018: Containerized cargo volume moving through this city is expected to increase 2 percent annually for the next five years. The catalyst for growth: a nearly $700 million injection of capital from outside investors. That’s the message Port of Oakland officials delivered to trade and transportation leaders here this week.
“This is good, measured growth that’s not debilitating for our community or our operations,” Executive Director Chris Lytle told a meeting of the Port’s 55-member Efficiency Task Force. “A big shout out to those who have stepped up to make the investments that will drive our growth – they’re showing faith in Oakland’s future.”
The Port boss said investment in facilities and infrastructure is boosting Oakland’s global trade status. Projects range from a new logistics campus to an online information gateway for cargo owners. Mr. Lytle said many of the projects would come online by summer, including:
- Substantial completion of TraPac marine terminal’s $60 million expansion to double the size of its Oakland footprint;
- Completion of a $15 million project to heighten four ship-to-shore cranes at Oakland International Container Terminal;
- Groundbreaking for a $52 million Seaport Logistics Complex by CenterPoint Properties;
- Opening of a $90 million Cool Port Oakland refrigerated distribution center by Lineage Logistics and Dreisbach Enterprises;
- Launch of a $40,000 web-based portal by Advent Intermodal Solutions for shippers to track containers or manage cargo pick-up.
Still on the drawing board: a $500 million upgrade at Seventh Street, one of the Port’s principal entryways. That project would include separating rail lines from roads. It would also introduce new technology to help freight haulers navigate the Port. Alameda County’s Transportation Commission is seeking government grants to finance the work, Mr. Lytle said.
“How do you make traffic flow at the Port?” Mr. Lytle asked. “How do you eliminate congestion points? We couldn’t do it without the support of the County Transportation Commission.”
Port Maritime Director John Driscoll predicted that new development would increase cargo volume on Oakland docks. Cool Port alone could account for more than 50,000 20-foot containers of cargo annually, he said.
“We applaud the vision of those who are investing in Oakland,” said Mr. Driscoll. “The payoff will be more business for the Port and more jobs and economic stimulus for the city.”
About the Port of Oakland
The Port of Oakland oversees the Oakland seaport, Oakland International Airport, and nearly 20 miles of waterfront including Jack London Square. The Port's 5-year strategic plan - Growth with Care - pairs business expansion with community benefits, envisioning more jobs and economic stimulus as the Port grows. Together with its business partners, the Port supports more than 73,000 jobs in the region and nearly 827,000 jobs across the United States. Connect with the Port of Oakland and Oakland International Airport through Facebook, or with the Port on Twitter, YouTube, and at www.portofoakland.com.
Forward Looking Statements
Certain statements contained in this press release reflect not historical facts but forecasts, projections, estimates and other “forward-looking statements.” In this respect, the words “estimate,” “project,” “anticipate,” “expect,” “intend,” “believe,” “forecast,” “assume” and similar expressions are intended to identify forward-looking statements. Such forecasts, projections, estimates and other forward-looking statements are not intended as representations of fact or guarantees of results. Any such forward-looking statements are subject to a variety of risks and uncertainties that could cause actual results or performance to differ materially from those that have been forecasted, estimated or projected. These forward-looking statements speak only as of the date of this press release. The Port assumes no obligation to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any changes in the Port’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Port of Oakland
Port of Oakland