COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES … · Q3 2011 U.S. Port AnAly SiS COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES Currently, the Charleston, Houston, LA/Long

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U.S. PORT ANALYSIS

Q3 2011 U.S. Port AnAlySiS

KC Conway, MAI, CRE [email protected]

What are the vital statistics?

What is the impact of the E.U. Debt crisis on U.S. ports?OverviewAccording to the American Association of Port Authorities (www.aapa-ports.org), the U.S. has 126 public seaport agencies with jurisdiction over 185 public ports. In addition, there are another one-dozen island ports under U.S. jurisdiction located in Hawaii, Guam, Puerto Rico and the Virgin Islands. These public port authorities exist primarily as catalysts for economic development through the enactment of state law. And, their economic impact is noteworthy. These ports support in excess of 13.2 million U.S. jobs (approximately the same number of unemployed Americans in the November 2011 BLS jobs report – 13.3 million or 8.6% of U.S. labor force), and in CY 2010 they handled 2 billion tons of cargo via 7,500 ocean-going vessels making 62,750 calls (www.marad.dot.gov).

As a result of this economic impact, states compete vigorously to attract private industry’s vital distribution, warehousing, manufacturing, and processing facilities through the development and expansion of port facilities and intermodal transportation networks (rail, bridges, roads, etc.). This competition for economic activity has resulted in states creating port redundancies along U.S. coasts and river channels. Florida, for example, has 17 ports vying for the third-least volume of container cargo traffic measured in Twenty-foot Equivalent container Units (TEUs) among the top ten TEU container states (California, Florida, Georgia, Louisiana, New York/New Jersey,

South Carolina, Texas, Virginia, and Washington). What Florida lacks in container volume, it makes up for in cruise ship traffic (1st in the world) and bulk cargo exports (1st in fertilizer). In other words, U.S. ports are a vital economic engine for states, but also have resulted in some excess port capacity. Not all ports will be able to keep up with the capital requirements to upgrade channel depths, crane equipment, intermodal transportation systems or IT networks. Who will best be able to capitalize, and why, are key questions explored in this analysis.

Delving Into The Data: The Metrics & Rankings

Reconciling key shipping metrics among U.S. ports is akin to reconciling the U.S. federal budget. Because each port authority reports primarily the measure(s) that achieve a top U.S. ranking for its respective waterway, such as vessel calls, tonnage, value of imports/exports or container units, comparisons on an apples-to-apples basis are difficult. For example, one port authority might report the tonnage of cargo passing through its port because the weight of its cargo – say petroleum or autos – is heavier than the cargo passing through other ports that are handling lighter weight cargo, such as grains, furniture, or processed foods. As a result, a few U.S. ports may rank high using tonnage as the comparison metric, while other ports may rank high using the number of container units processed. Because of the subjectivity and variability involved with measures like value of imported/exported cargo and number of vessel calls (lower for ports handling large vessels and higher for river ports handling smaller vessels), the number of processed TEU containers is generally regarded as an equalizing measure of comparison to rank ports on trade activity.

Even so, the number of containers handled gets a bit convoluted. Most port authorities include empty containers handled in their total container count. However, the U.S. Army Corps of Engineers excludes foreign empty containers in its count and ranking of U.S. ports. Although the top-15 U.S. ports handle nearly 6.0% of global container traffic, the number of TEU containers and U.S. port rankings for this container traffic varies depending on whether or not one includes “foreign empties.”

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Traffic Recovery At Ports & Post-Panamax ReadinessRecovery in global trade activity to pre-2007 levels is benefitting the top U.S. ports located along the California, Gulf and South-Atlantic coasts, but new threats pose challenges to these U.S. ports.

These threats range from the economic uncertainty emanating from Europe’s debt crisis (our largest trading partner) to growth in the use of Post-Panamax containerships (capacity greater than 5,000 TEU containers). These larger ships are being deployed in response to the expansion of the Panama Canal - to be completed by 2014. Ports competing for the traffic from these larger containerships will require deeper channels and upgrades to crane equipment and IT systems. These upgrades come at a time when most coastal states (CA and FL in particular) have

budget deficits and lack the financial capacity to undertake large capital projects, like port expansions and equipment and computer IT upgrades. In CY 2011, both Georgia and Florida legislatures struggled with this challenge (port improvement projects with state deficits) regarding the Savannah and Jacksonville ports. The U.S. Maritime Administration’s 2010 “Vessel Calls” report (www.marad.dot.gov/documents/Vessel_Calls_at_US_Ports.pdf), issued in June of 2011 highlights how important it will be for U.S. ports to upgrade. Over the last five years, for example, calls by containerships of 5,000 TEUs or greater, which are largely Post-Panamax class, increased by 124%. And, in 2010, 5,000+ tEU containerships accounted for 26% of containership calls at U.S. ports - up from just 12% five years before. In other words, U.S. ports are seeing more of these Post-Panamax vessels now. Ports waiting until 2012 or 2013 to invest in upgrades to their ports may lose out on this opportunity as manufacturers, distributors, and exporters are making decisions today on where to invest in facilities and warehouses. time is of the essence to get U.S. ports in Post-Panamax ship shape!

These larger Post-Panamax containerships require at least 50-foot channel depths as the following graphic illustrates.


U.S. Share Of Global Vessel Calls By Vessel Type

Ranking Of Top 15 U.S. Ports By TEU Container CountU.S. Port Authorities Vs. U.S. Army Corps Of Engineers

Ranking via Port

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(000)s U.S. Port

Corps of Engineers 2010 TEUs (000s w/o

foreign empties)

Ranking via Corp

of Engineers

1 Los Angeles, CA 7,800 Los Angeles, CA 5,479 12 Long Beach , CA 6,300 Long Beach , CA 4,736 23 New York/NJ 5,300 New York/NJ 4,216 34 Savannah, GA 2,900 Savannah, GA 2,147 45 Oakland, CA 2,330 Oakland, CA 1,673 56 Seattle, WA 2,150 Seattle, WA 1,601 6

Note: No change in rankings for the top 6 U.S. Ports.7 Houston, TX 1,812 Norfolk/Port of VA 1,472 78 Tacoma, WA 1,455 Houston 1,341 89 Charleston, SC 1,147 Tacoma 1,088 9

10 Miami, FL 847 Charleston 1,081 1011 Jacksonville, FL 827 Jacksonville 725 1112 New Orleans 427 Miami 679 1213 Portland, OR 181 Baltimore 495 1314 Tampa, FL 44 New Orleans 427 1415 Gulfport, MS 42 Wilmington, NC 200 15Source: U.S. Corp of Engineers, respective 15 Port Authorities, Colliers International


COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICESQ3 2011 U.S. Port AnAlySiS

Currently, the Charleston, Houston, LA/Long Beach, Miami, New Orleans, New York and Virginia ports are the only U.S. ports with both the channel depths and crane equipment to fully process Post-Panamax containerships. New York, though, still needs to raise the Bayonne Bridge to handle the taller containerships (scheduled for 2016 completion).

The aforementioned statistics set the stage for identifying the factors that will distinguish U.S. industrial real estate performance (occupancy and rents) and value in 2012. Those factors include:

•Port Upgrades: Warehouse demand and values will be strongest in those port markets with all the “bells and whistles.” Increasingly, port facilities will impact commercial real estate investment activity and property values in those states with upgraded port facilities (50-foot channel depth, Post-Panamax crane capacity and leading IT systems – such as the Navis system being deployed in the Port of Charleston). The Charleston, Houston, LA/Long Beach, Miami, New Orleans and Virginia ports have positioned themselves to be the leading growth ports in the 2012 to 2015 period with investments in channel depth, Post-Panamax cranes and IT.

•Port risks: Not all U.S. ports are created alike (river vs. ocean port), nor do they have the same risk exposures (European trade) and growth opportunities due to variations in channel depth, type of containerized cranes, intermodal systems to move freight inland, passenger terminals, and acreage to expand. Ocean harbor ports have material channel, maintenance and accessibility advantages over river harbor ports, such as Savannah. new york and Virginia (Hampton rhodes) are the two U.S. ports with the most exposure to European trade (18% and 36%, respectively, of all container traffic is to or from Europe), followed by Savannah, Houston, Oakland and Charleston (all with a 10% or less exposure in terms of TEU container traffic).

•Port Profiles: Top-5 ranked U.S. ports 2012-2015 will have one or more of the following five attributes:

•ocean harbor vs. river harbor orientation with at least a 50-foot channel depth to handle Post-Panamax vessels. In 2011, Houston handled the largest TEU containership to ever

unload at a U.S. port. It was also named 2011 Port Authority of the Year by “Containerisation International.”

•Post-Panamx cranes to unload the Post-Panamax vessels. The Port of Miami is investing the most in new Post-Panamax cranes among all U.S. ports (4 to bring its total to 6 – matching the Port of New Orleans and Virginia). This investment in new cranes is also being pursued by Seattle. It received the first 3 of 6 new Zhenhua Port Machinary Co. (ZPMC) cranes in November 2011.

•Developed intermodal transportation systems to move containerized and bulk cargo by rail, road, and air to and from inland distribution centers. New Orleans leads the nation in intermodal with six class-one railroads. The Port of New Orleans is the only deepwater port in the country served by six class-one railroads. This gives port users direct and economical rail service to/from anywhere in the U.S.

•Port diversity with the ability to provide vessel services and passenger cruise ship traffic. The Port of Charleston, SC is master-planning and developing a passenger cruise ship terminal to compete for a piece of Florida’s cruise ship business); and Tampa and Houston are adding “vessel services” capabilities to their ports.

•leading it systems to handle customs, security, and cargo movement. The Port of Charleston, for example, is investing in the new Navis computerized terminal operating system to give it a leadership position in port technology among East Coast ports.

Top 15 U.S. Ports Profile & RankingsAs previously noted, it’s difficult to rank ports to determine which ones are the “busiest” because of the variability of factors to consider - the weight of the goods, the number of vessel calls, or the number of TEU containers. Based on tonnage, the U.S. has two ports that rank among the world’s busiest - New Orleans and Houston:

World’s 10 Busiest Ports Based on tonnage

However, when the metric changes to TEU containers, New Orleans and Houston fall out due to their petroleum and bulk cargo, and Los Angeles and Long Beach are substituted.

World’s 10 Busiest Ports Based on tEU Containers

1. Singapore 2. Rotterdam, Netherlands 3. new orleans, lA 4. Shanghai, China 5. Hong Kong, China

6. Houston, tX 7. Chiba, Japan8. Nagoya, Japan9. Ulsan, So. Korea10. Kwangyang, So. Korea

1. Hong Kong, China 2. Singapore 3. Pusan, So. Korea 4. Kaohsiung, Taiwan 5. Rotterdam, Netherlands

6. Shanghai, China 7. los Angeles, CA8. long Beach, CA9. Hamburg, Germany10. Antwerp, Belgium



Among the 185 U.S. public ports, the top three ports in terms of TEU container traffic are Los Angeles, Long Beach, and New York/New Jersey. These three ports are followed by Savannah, Oakland, and Seattle (which handle approximately half the number of containers as Los Angeles, Long Beach and New York). In 2010, Savannah overtook Oakland for the number four ranking. Miami and Charleston, though, have invested heavily to process Post-Panamax container vessels – and both ports will be in a position to challenge Oakland and Savannah for a top-5 U.S. TEU container ranking by 2015.

TEU container counts tell only a fraction of the story about the nation’s top-15 ports. Each of the top-15 U.S. ports excel and rank high in a notable metric other than TEU container traffic. The following is a brief synopsis of where each of these ports rank. These other characteristics also shed light on the factors influencing development and warehouse demand in these port markets.

Port of Baltimore, MD: Baltimore is one of those ports in which its port authority only furnishes statistics based on tonnage and value of goods imported and exported because it handles heavy materials and products, such as autos, coal, petroleum and scrap metal. It ranks 11th among U.S. ports in terms of the value of cargo processed; and 13th in terms of tonnage. it also ranks second behind new york in exposure to Europe. Half of its top-10 trading partners are European countries, such as the UK, France and Belgium.

Port of Charleston, SC: The port of Charleston is the U.S. port investing the most in multiple areas to become a top-5 Post-Panamax port. Not only has Charleston completed its channel deepening project to be Post-Panamax ready, it is adding a state-of-the-art computerized terminal operating system and a cruise ship terminal. Combined with its ocean harbor, expanding base of manufacturers making Charleston its primary U.S. port of call (Boeing added to BMW in 2011), the port of Charleston is the “up-and-coming” under 1.5 million tEU container port that could rival the ports of Oakland, Savannah, and New York for a top-5 ranking within 5 years.

Port of Houston, tX: Houston’s port authority can – and does – make the argument as being the “port of firsts.” Dating back to the early 1900s, the Houston Port Authority has been a leader in cargo movement (first to introduce double-staking rail movement of cargo), creation of foreign trade zones, and ISO certifications for both environmental management and security. In 2011, the Houston Port Authority ranked 2nd in terms of total import/export activity (20th consecutive year), and was named “Port Authority of the Year” among all global ports by “Containerisation International.” What the Port of los Angeles is to trade with Asia - and the Port of louisiana is to trade to the 1,400 miles of Mississippi waterways - Houston is to trade in the Gulf of Mexico and the nation’s petrochemical needs. Unlike the nation’s key east and west coast ports (New York and LA/Long Beach), there is not any redundancy for the Port of Houston. New Orleans and Tampa could possibly handle Houston’s vessel traffic, but they lack the other vital energy, security, and inland infrastructure (pipelines, refineries, intermodal assets, etc.) to back-up the port of Houston should it ever go completely off-line.

Port of Jacksonville, Fl: the top-15 U.S. port “falling behind the most” due to a state budget crisis. Vital capital improvements to be Post-Panamax competitive along the East Coast are being deferred due to the state’s budget woes emanating from Florida’s deep housing crisis. The state of Florida appears to have made the strategic decision to invest its limited available funds in the ports of Miami and Tampa – as well as intermodal systems in south and west Florida. As a result, the Port of Jacksonville is falling behind in Post-Panamax readiness. Georgia’s Savannah port authority finds itself in a similar situation – needed capital upgrades inhibited by a state budget crisis.

Ports of los Angeles and long Beach, CA: What more can be said? It ranks first among U.S. ports for TEU container traffic, and it ranks among the top-10 global ports for TEU container volume as well. The Port of Los Angeles/Long Beach ranks second only to the Port of Louisiana/New Orleans in term of intermodal transportation systems and assets. It is to the U.S. in global trade what Hong Kong and Singapore are to Asia or Pusan is to South Korea.

Port of louisiana/new orleans: Because of New Orleans’ strategic location at the mouth of the Mississippi where over 14,500 miles of key use waterways empty into the Gulf of Mexico, the Port of Louisiana has evolved into a port complex versus a single port facility. As a result, the container, bulk cargo, tonnage, and vessel count statistics are aggregated, and tend to skew rankings. The Port of Louisiana describes itself as “the world’s busiest port complex.” Its key distinguishing characteristic, though, is that the Port of new orleans is the only deepwater port in the U.S. served by six class-one railroads. This gives port users direct and economical rail service to or from anywhere in the country.

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5,000

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7,000

8,000

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Los Angeles, CA

Long Beach , CA

New York/NJ

Savannah, GA

Oakland, CA

SeaFle, WA

Houston, TX

Tacoma, WA

Charleston, SC

Miami, FL

Jacksonville, FL

Portland, OR

Tampa, FL

U.S. Ports: YTD & 2007-‐2010 By Container Volume (TEUs)

2011 YTD 2010 2009 2008 2007


Source: Colliers International, December 2011



With the growing importance of U.S. agricultural and coal exports to Asia and emerging markets, this rail and intermodal advantage will fuel more demand for industrial real estate (land, tank farms, bulk distribution warehouses and food processing facilities) in Louisiana over the next 5 years. To meet this anticipated growth, the Port of New Orleans has invested more than $400 million in new state-of-the-art facilities since Hurricane Katrina. Improved break bulk and container terminals feature new multipurpose cranes, expanded marshalling yards and a new roadway to handle truck traffic.

Port of Miami: Miami is the busiest passenger cruise ship port in the world. It is trying to diversify this profile through investment in facilities to make it among the top Post-Panamax containership ports by 2015. Whether it is investment in Post-Panamax cranes (most new additions among U.S. ports) or expanding its intermodal system, the state of Florida is injecting capital into the Port of Miami to ensure continued growth in the south Florida economy and Miami’s recognition as a leading global port.

Port of new york/new Jersey: Although New York holds a number three ranking for TEU container traffic handling more than 5.0 million containers per year, it has the most exposure to Europe among all U.S. ports. An estimated 18.0% of all its cargo is inbound from, or outbound to, European countries. With the E.U. debt crisis far from resolved, and austerity measures likely to curtail trade between the U.S. and Europe, industrial real estate in and around the Port of New York/New Jersey is most at risk to the E.U. debt crisis. Another risk to monitor is Post-Panamax readiness. While New York has the channel depth and some crane equipment for these larger containerships, it is falling behind the East-coast ports of Virginia, Miami and Charleston in Post-Panamax readiness. New York also needs to raise the Bayonne Bridge to handle the height of these Post-Panamax containerships – a major project that may be deferred until 2016.

Port of oakland, CA: Although Oakland was just surpassed by the Port of Savannah in terms of the number of TEU container units processed, this ranking change is likely to reverse in 2012

or 2013 due to Savannah’s exposure to Europe. Oakland is an indispensable global and West Coast container port. In terms of marine terminals (10 terminals spanning 1,200 acres), cranes (35 – of which 29 are Post-Panamax cranes), deep-water berths (20), and intermodal rail facilities (2), the port of Oakland is rivaled only by the ports of Louisiana, LA/Long Beach and Houston. The state of California has invested in excess of $1.2 billion upgrading Oakland’s port facilities, deepening the channel and upgrading environmental and security systems in the past two decades. What the Port of Charleston, SC is to the East Coast in terms of “up-and-coming” ports, Oakland is to the West Coast in terms of “up-and-ready-for-more.” With 60% of its container traffic to and from Asia - and it processing 99% of all containerized goods in northern California – industrial warehouse and real estate assets are well positioned for occupancy, rent and value improvement in the 2012-2015 period.

Port of Portland: Both Hurricane Katrina and the British Petroleum oil spill have resulted in more wheat and U.S. grains being shipped west by rail to the Pacific Northwest versus down the Mississippi. As a result, the Port of Portland now ranks as the top U.S. port for wheat exports.

Port of Savannah, GA: This river port is the leading container port for poultry exports in the U.S. It also ranks second only to the Port of Louisiana for refrigerated container storage. According to the latest U.S. Army Corps of Engineers data, the port of Savannah handles 12% of all U.S. exports.

The industrial real estate risks associated with Savannah are: i) uncertainty about Post-Panamax readiness and deepening of channel depth due to state of Georgia budget crisis and the fall 2012 Special Purpose Local Option Sales Tax (SPLOST) ballot initiative to fund needed Post-Panamax port readiness; ii) “up-and-coming” Port of Charleston fueled by its more desirable ocean harbor, planned cruise ship terminal, new Post-Panamax cranes and expanding manufacturing base (Boeing plant opened in 2011); iii) exposure to Europe; and iv) recent additions to warehouse space (3.0 million square feet since the onset of the financial crisis – largest facilities by DP Partners, Technology Park/Atlanta, Commonwealth Commercial Properties, Dollar Tree Stores and UPS).

Port of Seattle, WA: This Pacific Northwest port ranks 6th among U.S. ports in TEU container traffic, and 1st among all Washington state ports. Its agriculture, fish, and rare-earth-minerals exports are strategic strengths that will buffer it from E.U. austerity in 2012. Post-Panamax readiness continues in the area of upgrading crane equipment.

The first three of six new ZPMC cranes were delivered to Seattle’s port in November 2011. These super Post-Panamax cranes will allow port facilities to handle the largest container ships in the world. The next three cranes are expected for delivery in the middle of 2012.


Key U.S. Waterways Flowing Into Port Of Louisiana



Port of tacoma, WA: This Pacific Northwest Port handles 80% of marine cargo moving through the lower 48 U.S. The port complements trade activity with the Seattle Port - and it competes with Pacific Northwest ports in the same way that Savannah, Charleston, and Jacksonville compete among each other in the Southeast U.S.

Port of tampa, Fl: Tampa’s port is most noted as a top-10 world-wide cruise ship port and as one of the premier fertilizer products and materials ports in the U.S. It ranks number one in the U.S. for fertilizer exports. The port’s size (5,000 acres) is the largest Port in Florida and positions it well for tremendous growth in Post-Panamax import/export activity.

Port of Virginia: Due to its unobstructed harbor just 18 miles from the open ocean, 50-foot deep channels, and 20 shipping lanes to Europe and Asia, the Port of Virginia advertises itself as the “best natural deep-water harbor on the East Coast.” The port has also invested heavily in crane equipment and is poised to surpass New York/New Jersey in container traffic by 2017 if New York fails to raise the Bayonne Bridge. the Port of Virginia is home to the largest and fastest container cranes in the world. With 22 cranes in operation that have 26-foot outreaches, the port of Virginia can unload any containership in existence today – and even the planned 10,000+ containerships under development. Often overlooked by its peers to the north (New York/New Jersey) and south (Miami), the port of Virginia may be the most under-recognized port on the East Coast. Development of its intermodal systems is key to future warehouse demand and development.

Conclusion The ports of New Orleans, Houston, Los Angeles, and Long Beach rank among the 10 busiest global ports based on either tonnage or container metrics. Within the continental U.S., Los Angeles, Long Beach and New York rank one, two and three based

on TEU container traffic. new york, Baltimore and Virginia are the three U.S. ports with the most exposure to European trade. The ports of Louisiana, LA/Long Beach, and Oakland lead with respect to developed intermodal systems. The Port of New Orleans is the only deep-water port in the U.S. served by six class one railroads. In terms of marine terminals (10 terminals spanning 1,200 acres), cranes (35 – of which 29 are Post-Panamax cranes), deepwater berths (20), and intermodal rail facilities (2), the port of Oakland is rivaled only by the ports of Louisiana, LA/Long Beach and Houston. Finally, from a risk and opportunity perspective, the ports of Charleston, Tampa, Virginia and Houston make top billing.

•Charleston: The port of Charleston is the U.S. port investing the most to become a top-5 Post-Panamax port. it is the “up-and-coming” under 1.5 million tEU container port that could rival Oakland, Savannah, and New York for a top 5 ranking within 5 years.

•tampa: The ports size (5,000 acres) is the largest in Florida and positions it well for tremendous growth in Post-Panamax import/export activity. As the number one port for fertilizer exports, its importance in the U.S. agricultural export mix will only increase in the future.

•Virginia: This port is the “best natural deep-water harbor on the East Coast.” The port has invested heavily in crane equipment and is poised to surpass New York/New Jersey in container traffic by 2017 if New York fails to raise the Bayonne Bridge. the Port of Virginia is home to the largest and fastest container cranes in the world that can unload any containership in existence today – and even the planned 10,000+ containerships under development.

•Houston: The port of Houston is the only major U.S. port with no other port redundancy. loss of the Port of Houston could have the most adverse impact to the U.S. economy if it were ever to be incapacitated for an extended period of time. This distinction may explain why it leads in all ISO environmental and security certifications - and was named “2011 Port Authority of the Year” among all global ports by “Containerisation International.” What the Port of Los Angeles is to trade with Asia, Houston is to trade in the Gulf of Mexico.


KC Conway, MAI, CREEMD, Market AnalyticsColliers International Valuation & Advisory Services760.444.8041 [email protected]

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PROFILE OF U.S. PORTS: YTD 2011 Plus 2007-2011 TrendC O N T A IN E R V O L U M E : T E U s ( T we n ty- F o o t E q u iv a le n t U n its - 0 0 0 s )

PORT AUTHORITY 2011 YTD 2010 2009 2008 2007 TOP TRADING REGIONS KEY IMPORTS / EXPORTS KEY NOTE OR RANKINGL o s A n g e le s , C A 6,600 7,800 6,700 7,800 8,400 C hina, J apan, T aiwan,

S o . K o rea, T hailand, A us traliaF urniture, F o o twear, F abric , T o ys , A uto P arts , M etal S c rap & A nimal F eed.

B us ines t c o ntainer po rt in the U.S . s inc e 2000; and 6th B us ies t C o ntainer po rt in the wo rld. B es t bo nd rating o f any U.S . P o rt A utho rity (A A ).

L o n g B e a c h , C A 5,100 6,300 5,100 6,500 7,300 E as t A s ia, Iraq, A us tralia P etro leum, P las tic s , F urniture, A pparel, Was te P aper & E lec tro nic s .

2nd bus ies t c o ntainer po rt in US when dec o upled fro m L A & 18th bus ies t wo rld-wide.

N e w Y o rk /N J 4,200 (E s t.) 5,300 4,600 5,260 5,300 C hina (28%), E uro pe (18%) and India (8%).

B everages , P aper pro duc ts , M ac hinery, C o c o a, C hemic als and apparel.

R anks 3rd amo ng U.S . po rts in terms o f T o tal T E U c o ntainer traffic behind L A and L o ng B eac h. U.S . po rt with mo s t expo s ure to E uro pe.

S a v a n n a h , G A 2,200 (E s t) 2,900 2,600 2,400 2,700 A s ia (58%), N . E uro pe and the M editerranean

P o ultry, F o res try P ro duc ts , R ubber, M ac hinery & A uto s

S avannah P o rt is the leading c o ntainer po rt fo r po ultry expo rts in US . # 1 US po rt fo r refrigerated c o ntainer s to rage. It handles 12% o f all U.S . expo rts .

O a k la n d , C A 1,953 2,330 2,045 2,200 2,400 A s ia (60% - C hina), E uro pe (10% - G ermany & F ranc e) and A us tralia and S o P ac ific .

M ac hinery, E lec tro nic s , B everages , A pparel, C hemic als and F urniture

R anks 5th in U.S . po rts in terms o f to tal T E U c o ntainers & handles 99% o f all go o ds in N o C alifo rnia. S avannah jus t mo ved ahead o f O akland in T E Us .

S e a tt le , WA 1,700 2,150 1,600 1,700 1,975 C hina, J apan, T aiwan, S o . K o rea, V ietnam

G rains , M ac hinery, S eafo o d, P aper/Wo o d P ro duc ts & R are E arth M inerals

R anks # 6 amo ng U.S . po rts in T E U c o ntainer traffic & # 1 amo ng all WA S tate po rts . Its A G , fis h and R are E arth M inerals expo rts are s trategic s trengths that will buffer it fro m E U aus terity in 2012.

H o u s to n , T X 1,800 (E s t). 1,812 1,799 1,795 1,771 B razil, C hina, India, S audia A rabia, Venezuela, M exic o . N o te: 31% o f C o ntainer impo rts are fro m E uro pe.

P etro leum P ro duc ts , C hemic al, S teel

R anked # 2 US po rt in terms o f to tal impo rt/expo rt ac tivty & C o ntainerizatio n Int's 2011 P o rt A utho rity o f the Y r.

T a c o m a , WA 1,230 1,455 1,545 1,860 1,900 C hina, J apan, T aiwan, S o . K o rea, V ietnam, C anada

G rains , M ac hinery, A G pro duc ts , vehic les , s teel, P aper/Wo o d P ro duc ts & F is h

T ac o ma P o rt handles 80% o f marine c argo mo ving thru lo wer 48 US s tates . T he po rt c o mplements trade ac tiv ity with S eattle P o rt and it c o mpetes with P ac N W po rts in the s ame way that S avannah, C harles to n & J ac ks o nville do in S E US .

C h a rle s to n , S C 1,159 1,147 926 A s ia, E uro pe, L atin A m. B M W c ars , A G pro duc ts & T ires . A n O c ean harbo r vs R iver harbo r; develo ping a c ruis e s hip terminal, P anamax s hip ready.

M ia m i, F L 650 (E s t.) 847 807 828 884 S o .A meric a, E uro pe & A s ia. C ruis e s hip pas s engers (# 1 c ruis e s hip po rt in the wo rld); auto s , fo o d pro duc ts & A G , materials .

O ne o f few US P o rts inves ting in new P o s t-P anamax S uper-C ranes (4 to add to its 2 fo r a to tal o f 6 by 2014). M iami is well po s itio ned to benefit fro m P o s t-P anamax (>5,000 T E U) ves s el traffic .

J a c k s o n v il le , F L 750 (E s t) 827 754 697 710 C arribean, E uro pe, M id-E as t A s ia and A fric a

A uto s , C o al, P ulp & P aper pro duc ts , A G and aggregates .

F alling behind to C harles to n P o rt. C harles to n making a run at J 'v ille's c rus ie s hip and c o ntainer bus ines s es .

P o rtla n d , O R 166 181 174 245 260 J apan, J apan, S .K o rea, R us s ia and the P hillipines

Wheat, P o tas h, C ement, S o ybeans and A uto s

T he P o rtland harbo r expo rts the larges t vo lume o f Wheat in the U.S .

T a m p a , F L 40 44 44 49 44 India, M exic o , T rinidad, C anada, B razil

C ruis e pas s engers , P etro leum, F o res try, C ement, C itrus , A G , A mo nia, S ulphur & S c rap M etal

T ampa's po rt is mo s t no ted as a to p-10 wo rld-wide c ruis e s hip po rt and as o ne o f the premier fertilizer pro duc ts and materials po rts in the US . Its s ize (5,000 ac res ) is the larges t P o rt in F L and has tremendo us gro wth po tential.


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COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES … · Q3 2011 U.S. Port AnAly SiS COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES Currently, the Charleston, Houston, LA/Long