Port of Portland closes container terminal due to financial issues
According to multiple US media reports, due to financial difficulties, the Port of Portland has decided to cease its container operations in October.
The primary port in Oregon appears to be facing financial challenges, with the Port of Portland stating that it cannot afford to keep the container terminal open until September due to incomplete agreements with third-party operators.
According to data from OPB, the Port of Portland has incurred losses of over $30 million in the past three years, including an estimated shortfall of $14 million for this year.
Keith Leavitt, Chief Trade and Economic Development Officer of the Port of Portland, wrote in an email to industry stakeholders: “We recognize that this terminal is a critical asset statewide — presenting a financially sustainable business model for container service is worth further discussion, one that includes more state funding and investment.” He added, “At present, we have no financial options and must take this step.”
