Intermodal Briefs: PANYNJ, Port of Long BeachWritten by Carolina Worrell, Senior Editor
The Port Authority of New York and New Jersey (PANYNJ) reports facility volumes for November 2022. Also, the Port of Long Beach receives upgraded credit ratings by Standard & Poor’s (S&P).
PANYNJ announced Dec. 22 that for the fourth consecutive month, the agency was the nation’s busiest container port after handling 20% more cargo in November 2022 than in the same month last year.
According to the agency, PANYNJ moved 723,069 TEUs (twenty-foot equivalent units) in November 2022, an increase of 20.6% compared to November 2019.
November cargo volume decreased by 8.6% compared to October 2022, when the seaport handled 792,548 TEUs, as “the seasonal peak of activity associated with incoming holiday merchandise ended,” PANYNJ said.
Additionally, PANYNJ reported that PATH’s total ridership in November 2022 rose to 59%, or 3.9 million total riders, compared to November 2019. The previous high was 58 percent of 2019 in September 2022.
Compared to October 2022, total PATH ridership decreased by 6% in November 2022.
Recognized for its “strong market position and financial resiliency,” the Port of Long Beach announced Dec. 23 that it has received upgraded ratings with a “stable outlook” by S&P.
According to the Port, the Long Beach Harbor Department’s senior bonds were raised to an “AA+,” while the rating was increased to “AA” for the Port’s Transportation Infrastructure Finance and Innovation Act (TIFIA) loan agreement for the Gerald Desmond Bridge Replacement Project.
S&P cited the Port’s strength during the COVID-19 pandemic and was recognized for its “competitive position, ability to pay its loans, strong reserves and stable revenue from long-term leases with tenants.”
“These significant rating upgrades reflect our ability to remain resilient, competitive and fiscally responsible over the last several years,” said Port of Long Beach Executive Director Mario Cordero. “This rating fortifies our fiscal responsibilities and demonstrates our good financial standing as we continue to invest in modern and sustainable projects that make us a leader in trans-Pacific trade.”
“Our stellar credit ratings reflect the Port’s ongoing commitment to fiscal responsibility and stability,” added Long Beach Harbor Commission President Sharon L. Weissman. “We are proud to secure this level of confidence from one of the major financial rating agencies.”