The Port of Oakland has announced that its maritime revenue grew by just 1.8% in the fiscal year of 2017, which ended on 30th June.
This was the first full fiscal year without Ports America Outer Harbour. Ports America exited the terminal in January 2016, saying it was re-focussing its West Coast strategy on Los Angeles, Long Beach, the Pacific Northwest and Western Canada.
At the time, Ports America’s decision was criticised by the Port of Oakland for the alleged suddenness of its withdrawal and the disruption caused.
Just 13 days after Ports America announced it would exit the terminal, Outer Harbour Terminal LLC filed for bankruptcy.
In a statement this week though, the port said: “The Port reported a 1.8 percent hike in FY 2017 operating revenue for for its Maritime Division. Revenue increased despite lost income from a bankrupt marine terminal operator that ceased operations at the Oakland seaport last year.”
While the port’s maritime revenue grew slowly, to US$151m, its income from aviation grew by 10% to US$191m and its income from commercial real estate grew by 3% to US$17m.
Overall then, the Port’s operating income grew by 20% as revenue growth outpaced a 3% increase in expenses.