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Oakland port FY2016 revenue up 0.4pc, topping all-time record

Time：2016-10-21 Browse：306 Author：RISINGSUN

THE Port of Oakland operating revenue in FY2016 increased 0.4 per cent year on year to US$338 million from its record performance of $336.6 million set last year - despite the departure of a bankrupt tenant.

Operating revenue in the aviation division increased 6.7 per cent in FY2016, offsetting a 6.2 per cent decline in maritime revenue resulting from the bankruptcy of a terminal operator.

The operator, Outer Harbour Terminal, LLC, severed a lease agreement with the Port after filing for bankruptcy last February, reported the American Journal of Transportation.

The port authority said aviation revenue increased due to an eight per cent jump in passenger traffic at Oakland International Airport. It said the aviation division also benefited from higher terminal rental rates.

On October 14, Fitch Ratings upgraded the rating on the Port`s intermediate lien revenue bonds to A from A-. Fitch affirmed its A+ rating on the Port`s senior lien revenue bonds.