REDWOOD CITY, CALIF.—
REDWOOD CITY, CALIF.—
For the second consecutive year, the Port of Redwood City (Port) announced record-breaking fiscal year results including cargo tonnage of 2.65M metric tons for the period ending June 30, 2019. These historic results are an increase of 14.7% above the prior milestone year in FY 2017-18. Additionally, there were 78 cargo vessel calls at the Port, an increase of 20% from the prior year. This record performance translates into $9.3M in revenue, nearly $700K higher than last year’s financial performance of $8.6M. The fiscal year results demonstrate continued regional growth and reflect the Port’s strategic location fueling cargo to Silicon Valley’s construction industry.
The Port’s fiscal year runs from July 1 to June 30.
“Following a record breaking year in FY 2017-18, these results reinforce the Port’s significance supporting economic growth in Silicon Valley and the Bay Area,” said Lorianna Kastrop, Port Commission chair. “Strong maritime trade and cargo supports the activation of recreational waterfront uses, helps maintain City services, and increases emergency response resilience.”
Cargo Growth Continues
For the period ending June 30, 2019, the Port’s cargo results grew to 2.65M metric tons, an increase of 341K tons when compared to the prior year. Vessel calls increased from 65 in FY 2017-18 to 78 for FY 2018-19, transporting cargo from countries such as Australia, Canada, and Mexico, while exports travel to Asia and South America.
The fiscal year started strong with record-breaking numbers occurring in the
first quarter of FY 2018-19, including an increase of 12.5% or 739K metric tons of cargo from the prior year. Vessel calls for this quarter rose 5% from FY 2017-2018 with 23 calls to the Port during this time frame.
“
The Port’s growth in cargo and revenue for the fiscal year is a result of our tenants, strategic partners, and the Port Team in driving our phenomenal success,” stated Kristine A. Zortman, executive director of the Port of Redwood City. “The Port is a proud community entrepreneurial enterprise and we look forward to continuing to strengthen collaborations with our local, regional and federal partners.”
Strong Financial Results
This cargo growth resulted in an 8.1% increase in revenues from $8.6M to $9.3M, over the previous period in FY 2018. The increase of nearly $700K in revenue is a result of the strong construction market in the Silicon Valley region. Last year’s fiscal year cargo and revenue results were the best in operational history, generating a 49% increase in cargo over the prior year. The Port’s activity highlights its focus on construction materials to the area with top ranking materials imported including sand, aggregates, gypsum, slag, and bauxite, with scrap metal as the primary export.
10th Annual PortFest Planned
This October, the Port will celebrate their 10
th
Annual PortFest,
a free day-long waterfront festival held at the Port of Redwood City. The community is welcome to learn about the maritime heritage of the Port, the industrial working waterfront, as well as recreational activities on San Francisco Bay. The day will also include live music, carnival games and children’s activities, food trucks, retail booths, and more.
For more details about the 10
th
Annual PortFest, go
here
.
For more about the Port of Redwood City, go
here
.
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