PORTLAND — The Port of Portland is budgeting for a 17.4 percent reduction in revenue from its marine operations for fiscal year 2017 in the wake of a sluggish export market and a labor dispute that all but halted activity at the Terminal 6 container port.
Officials expect $5.7 million less in marine operating revenue than the agency had in its 2016 budget, a port news release read Monday.
The port’s total operating revenue is budgeted at $288 million for fiscal 2017, down from the $295 million adopted for 2016. Operating expenditures are slated to remain relatively flat at $191 million, up from $190 million the previous year.
Hanjin Shipping Co. left the port in February of 2015 amid a contentious labor battle between container-terminal operator ICTSI Oregon and the Longshore workers union. Hanjin had accounted for nearly 80 percent of the port’s container business. Shipping line Hapag-Lloyd, which carried about 20 percent of the port’s containers, soon followed suit. That left Terminal 6 with only a single ship per month as of January.