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The Port of Long Beach's monthly newsletter
March 2010
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Porthole icon Around the Port...

Trade Uptrend Continues

February marked the third consecutive month of increased trade at the Port, as container cargo rose nearly 30 percent compared to the same period last year.
A total of 413, 134 TEUs (twenty-foot equivalent units) moved through Port terminals. Imports were up 39 percent at 207,920 TEUs, and exports increased nearly 33 percent to 123,208 TEUs. Empty containers, mostly bound overseas for refilling, were up 8 percent to about 82,000 TEUs.
Since reaching a peak of 657,904 TEUs in August of 2007, the Port experienced steady declines in trade as the global economy entered a sharp recession. Trade volumes reached their lowest point in six years in February 2009 with 318,402 TEUs.
Although last month’s gains are modest when considering the large losses of a year ago, the steady increases in recent months are in line with various industry forecasts of a rise in trade as the economy recovers.
Read more: Click here for the full news release.
Read the Data: Click here for the latest TEU figures, and here for the latest tonnage summary reports.
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Public Comments in for Gerald Desmond Bridge

The public comment period for the Port of Long Beach’s Gerald Desmond Bridge replacement project ended March 22. Now, Port staff will prepare a final environmental impact report for board approval later this year.
During the public comment phase, members of the public were invited to give their input on the Port's revised draft environmental impact report released on Feb. 4.
The public response has been overwhelmingly positive and in favor of the project. About 100 people attended each of the two public meetings in February and the vast majority supported the bridge replacement project.
Gerald Desmond Bridge is a vital transportation link both for the local seaports and for the commuters of Southern California. However, the 40-year-old bridge is obsolete and deteriorating.
With three traffic lanes plus emergency lanes in both directions, the new bridge would be safer and better able to accommodate cars and trucks. The new bridge also would be higher to allow for the newest generation of green cargo ships to pass underneath.
The $1.1 billion project would generate about $2.8 billion in economic activity and support, on average, 4,000 jobs a year during five years of construction.
Read more: Click here for details on the project.
Watch: For the video presentation on the project, click here.
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Port Bonds Rated 'AA'

Fitch Ratings gave a 'AA' rating to two series of bonds scheduled to be sold by the Port of Long Beach in the coming months.
The AA rating means the Port's bonds are "investment grade" and it represents the second highest rating given by the financial advising company. The higher rating will mean lower cost of borrowing for the Port.
The Port plans to issue $218 million in harbor revenue bonds and up to $354 million in harbor revenue refunding bonds. Proceeds from the revenue bonds will finance certain capital improvements at the Port. Proceeds from revenue refunding bonds will be used to pay outstanding debt and reduce debt costs.
Fitch also affirmed the 'AA' rating on approximately $785 million outstanding harbor revenue bonds and harbor revenue refunding bonds.

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Job Shadowing at Port

The Port of Long Beach recently hosted dozens of area high school students during its annual Job Shadowing day.
The program, in its 11th year, is part of the Port's comprehensive community outreach efforts and designed to inspire the next generation of maritime industry workers. The Port supports about 30,000 jobs locally and more than 300,000 in the region.
This year, the students visited a Matson container ship at Pier C and got some hands on career advice.
Watch: Click here for a video of the event.
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