Improved dry dock to boost Bay Area shipyard revenues
Port of San Francisco officials are predicting its newly expanded Pier 70 dry dock will boost the shipyard operator's revenue $8 million next year, a 20 percent gain.
The dry dock, which completed a $5 million enhancement project last month funded by shipyard operator BAE Systems, reopened on Sept. 26 with the arrival of its first customer: the Princess Cruise vessel Star Princess.
The 109,000-ton cruise ship is in the midst of a $14 million retrofit to upgrade the vessel's mechanical systems, navigational equipment and interior fittings. Once completed by the end of this week, the Star Princess job will be followed by scheduled work on her sister ship, the Golden Princess.
The dry dock expansion was funded under a joint agreement between BAE, Princess Cruises and the port. Arlington, Va.-based BAE paid for the dry dock enhancements in exchange for rent credits from the port, while Princess guaranteed firm orders for work on the two cruise ships to kick off the newly improved facility.
The shipyard was estimated to see revenues of about $32 million next year without the dry dock improvements, but port officials are confident that the enhancements will bring revenue to $40 million.