The Port Authority of New York and New Jersey saw its TEU traffic increase by 23% year-on-year (YoY) in November 2020 as it began to recover from the worst effects of the COVID-19 pandemic.
The Port moved 6,876,744 TEU in November 2020, a new monthly record. The container port was the only area of its operations to see a YoY increase in traffic in November 2020, passenger volumes fell in ferry and tunnel and bridge segments.
The Port Authority said in a statement that it estimates a revenue loss of approximately $3 billion for the 24-month period beginning in March 2020 compared to budgeted amounts.
This includes a $1.7 billion revenue loss through year end 2020, due to the adverse financial impacts of COVID-19-related travel restrictions on the Port Authority’s facilities.
November 2020’s volume declines are in line with the continued YoY record declines the Port Authority has seen since spring 2020.
The Port Authority said in August 2020 that said it had lost on average $240 million in revenue a month since March 2020.
In July, it authorised its management to apply for support from the Municipal Liquidity Facility, a new program created by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), to stablise operations during the COVID-19 pandemic.