Marine Highway project, which carries shipping containers by barge between Stockton and Oakland, CA is losing money



Marine Highway losing money

Port to negotiate with firm to assume operations
By Reed Fujii
Record Staff Writer
May 20, 2014 12:00 AM

STOCKTON – The nearly year-old Marine Highway project, which carries shipping containers by barge between Stockton and Oakland, is not drawing enough traffic to cover its costs and has run up $6 million in losses to date, Stockton port officials say.

But in a bid to help stem the red ink, Port Director Richard Aschieris announced Monday that the port will enter into exclusive negotiations with one of the world’s largest container shipping companies to assume management and financial responsibility for the barge operations.

Mediterranean Shipping Co. of Geneva has until Aug. 31 to examine the Marine Highway’s functions and costs and forge an agreement with the port to take on its operation.

“We are very pleased with the interest from Mediterranean Shipping,” Aschieris said. “They’re a very good company to work with.”

If there is no agreement by the end of August, the Marine Highway would be made available to anyone else interested in running it.

 

Click here for full article and photo at Recordnet.com

 

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