[Port of Tacoma Breaks Ground on Hyundai Terminal Site]

Officials of Hyundai America Shipping Agency, Inc.(HASA) and the Port
of Tacoma officially broke ground on Hyundai’s new $60 million contai
ner terminal recently. The 50-acre facility is scheduled to begin ope
ration by early 1999.
In an address to more than 220 people who turned out for the event, Hy
undai Executive Vice President K.S. Pahk said the new terminal facilit
y is a sign of more change to come.
“We believe this is the beginning of a new era of Pacific Northwest t
rade with Pacific Rim countries,”said Pahk. “At the center of this
trade will be the Port of Tacoma. We are proud to make Tacoma our new
gateway here in the Pacific Northwest.”
Hyundai is cuccently the sixth largest container shipping line serving
North America and the company has set its sites on overtaking the num
ber five slot within the next few years.
“This new terminal site is a real milestone for us.”said Port of Tac
oma Commission President Jack Fabulich. “In more than 20 years as a
Port Commissioner, I don’t think I’ve ever had a better feeling abou
t a Port development project. We are here to witness this event becaus
e of the dedicated of Port staff and my fellow Commissioners.”
In April of this year, Hyundai Merchant Marine(America) Inc., a subsid
iary of Korea’s Hyundai Merchant Marine Co., Ltd., signed a 30-year l
ease for a 5-acre container terminal on the Port’s Blair Waterway. T
he terminal will feature a 12-acre, dedicated on-dock intermodal rail
yard. It will be Hyundai’s first direct-lease terminal in North Amer
ica and its second worldwide. Hyundai plans to fund the purchase cran
es and container handling equipment for the terminal.
The lease agreement requires the terminal to be expanded to 60 acres w
ithin the first five years of operation. Over the life of the lease t
he terminal may be expanded to as much as 100 acres.
“I think this will mean a lot for jobs and for prosperity in the futu
re,”said U.S. Representitive Norm Dicks(D., Bremerton). Construction
of the terminal will generate an estimated 206 construction jobs over
a two-year period, according to Port estimates. Hyundai’s terminal
operations are expanded to bring 294 jobs to Pierce County and will su
pport an additional 126 jobs statewide. Total direct wages for those
jobs is expected to exceed $14 million annually.