Tacoma and NYK agree a settlement

The port has previously stated that it had spent about US$11m on design and construction expenses for the NYK terminal on the Blair Peninsula before the deal was cancelled.

NYK and its terminal operations subsidiary, Yusen Terminal Tacoma Inc., argued that of that amount, US$7.8m was related to design that was specific to NYK and Yusen’s terminal and which would have no residual value to the port.

The line also asked that a US$2m reservation fee it paid to secure the terminal contract be repaid. Under the original agreement, the port would have refunded that fee as credits against the shipping line’s lease payments for the terminal.