Commissioners at the ports of Seattle and Tacoma have unanimously agreed to proceed with a proposed seaport alliance which is anticipated to double cargo volumes by 2026 and allow the north-western US duo to compete with nearby Canadian ports, according to the Wall Street Journal.
The decision follows news that commissioners from both ports were preparing to hold a discussion regarding an alliance and are said to be retaining full-ownership of all independent assets once the alliance is finalised.
The move is considered a rare move as the two ports had previously been rivals, however as larger containerships come into operation, it is becoming essential for ports to adapt.
The ever-changing port market has led smaller ports in the US risking closure because of a failure to mobilise resources.
Don Meyer, Commissioner at the Port of Tacoma, said: “We’ve got major issues here, folks, and we can’t afford to spend our way out of this unless it’s a coordinated strategy.”
Both ports will be making a US$25.5 million contribution to the alliance and have already made significant gains in box throughput, having moved more than three million TEU in 2014.