The managing members of The Northwest Seaport Alliance (NWSA) recently voted to approve lease agreements and authorize construction for the Terminal 5 Modernization Program.
The program will prepare the terminal to handle the largest marine cargo vessels and accommodate more container cargo, allowing it to remain competitive.
“The modernization of Terminal 5 represents a transformative investment in our region to support our state’s economy,” Stephanie Bowman, Port of Seattle Commission president and NWSA co-chairwoman, said. “These actions will ensure robust and competitive marine cargo and maritime industrial activities in our harbor for the next 30 years, sustaining and creating family-wage jobs and economic opportunity for the region.”
The Terminal 5 lease agreement allows Seattle Terminals, a joint venture owned by SSA Terminals and Terminal Investment Limited Sàrl, to begin operating once phase one construction is complete in 2021.
Additionally, Terminal 18’s current lease will be amended to add conditional consent for the lease to be assigned to the joint venture and to waive a rail-yard fee.
Matson’s Hawaii service will be relocated from Terminal 30 to the south berth at Terminal 5.
TTI’s lease for Terminal 46 with will be terminated early. International container cargo will be reassigned to Terminal 18.