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On Wednesday December 10, 2014, the Port Authority Board of Commissioners adopted a fiscally responsible $2.9 billion Operating Budget and a $3.6 billion Capital Budget that funds critical infrastructure at the agency’s port facilities, airports, tunnels, bridges, PATH system, and World Trade Center site. Combined, the agency’s budget for 2015 totals $7.8 billion, which includes debt service. The overall Capital Budget will support 7,320 direct job-years and direct payroll wages of $674.7 million. Including indirect and induced effects, the total economic activity impact amounts to 16,730 total job-years, $1.1 billion in wages, and $4.7 billion in economic activity. Some additional noteworthy points: The $2.9 billionRead More →

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In: Industry News/Advisory
cargo record

On Friday, December 5, the Port of New York and New Jersey announced that it hit an all-time record for monthly cargo volume in October 2014. During that month, the port handled 306,805 shipping containers, up 1 percent from the previous monthly record of 306,051 containers set in August 2013. The increase was driven by a hike in import-loaded containers. October 2014 stats also showed annual growth for cargo shipped on the port’s ExpressRail system, with 42,950 containers transported on rail, up 14.2 percent over October 2013. Currently, more than 14 percent of the all port traffic is transported by rail. Figures like these indicateRead More →

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In: Cargo Volumes, Industry News/Advisory, Terminal News

Three Hanjin ships made their first calls on the Port of New York and New Jersey this past June and July. The Hanjin Dallas first docked at Maher Terminals at the Elizabeth-Port Authority Marine Terminal on June 16, 2014. The Dallas’ weekly service string, AW8, calls at ports in China and Singapore before turning to the Port of New York and New Jersey, which is the Dallas’s first port of call inbound. The AW8 service line operates as part of the CKYHE Vessel Sharing Agreement shared by COSCO, K Line, Yang Ming, Hanjin, and Evergreen. Hanjin contributes three of the string’s eleven ships. The twoRead More →

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In: Industry News/Advisory

Last summer the PortViews editorial staff issued an online satisfaction survey. 83.71 percent of respondents said they preferred breaking news to our previous, quarterly format. Based on this feedback, we retired the traditional PortViews newsletter and began beta testing PortViews News Flashes: brief, information-packed articles designed to address your needs both nimbly and succinctly. We are pleased to report that, since making this shift, our newsletter has won many awards from leading industry experts. But that’s no reason to stop reimagining what this publication could be for you, our valued customer. With beta testing now complete, PortViews Flashes will rebrand to become Breaking Waves. BreakingRead More →

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In: Industry News/Advisory