Port of Seattle’s profits rise on higher volumes

Port of Seattle’s profits rise on higher volumes    The Port of Seattle earned a net operating income after depreciation of $52.1 million in 2004, 88 percent more than in 2003, on higher cargo and airport passenger volumes, and promised further growth.
   Operating revenues at the Pacific Northwest port and airport increased 17 percent to $376.6 million in 2004. The port said it also reduced operating costs last year.
   In 2004, container traffic rose 20 percent to 1.8 million TEUs, while passenger volume at Sea-Tac airport increased 7.5 percent to 28.8 million. With the rapid growth in box volumes and the likelihood of more international containers being diverted from Californian ports, the port will reopen Terminal 25, which was closed in 2002, under a 15-year lease with SSA Marine.
   “Our cargo and passenger volumes are expected to see solid growth in the coming years,” said Mic Dinsmore, chief executive officer of the port of Seattle.