The port's financial performance is in line with expectations
The West Coast's fourth major port, Seattle, is on course to match budget projections for 2011. But unlike its similar-sized California rival, Oakland, the maritime division is very much a junior partner in the enterprise to the aviation division.
Operating income for the full year through December is forecast to be $96 million, the same as last year, slightly up on the original budget estimate of $95 million. Operating expenses are expected to be $44 million compared with the budget estimate of $47 million.
For the six months through June, revenue was $47 million compar3ed with the budget estimate of $49 million, while expenses were 40 percent down at $8 million
Container numbers are expected to be markedly down on 2010, at about 1.9 million TEU compared with 2.1 million. However, for the first six months of the year volumes are up on forecast, at 1 million TEU.
Grain volumes are forecast to be 5.5 million metric tons, the same as last year while cruise passengers will be down 11 percent to 807,000.
Capital spending will be $30 million, with Terminal 10 getting $5.5 million and Terminal 18 $5 million.
Aviation dwarfs everything, with revenues of close on $400 million and capital spending of $220 million.
Two startling revelations from the financial results show the times that the country is living in. A total of 132 job openings have become available in all divisions, for which there were, wait for it, 6,210 applications. The number of vacancies increased by 35 over 2010 while the number of applications shot up by 2,067.
The second revelation is the wages and salaries distribution. As with most ports, the police department is the most costly at $9.2 million, followed by computer wallahs at $8.7 million.