Colliers' A-Rated Port Award Given to Port of Los Angeles
Colliers International's Logistics and Transportation Practice Group Honors Port of Los Angeles
Colliers International’s Logistics & Transportation Practice Group has presented its top national honor to the Port of Los Angeles in a ceremony held recently in the offices of its Chief Financial Officer Karl K.Y. Pan, company officials have announced.
Known as the “Colliers A-Rated Port Award,” the honor was given to just 10 ports out of the approximately 200 ports surveyed by the company in its year-ending “2013 2H North American Port Analysis Report” written by its Chief Economist KC Conway.
According to Colliers, the award was presented to the Port of Los Angeles “for its stellar fiscal management through vola¬tile state and national recessions and for maintaining a top AA credit rating for the most consecutive years of any North American port.” Other factors influencing the selection of Los Angeles for the top award included maintaining the highest bond rating available to a non-taxing authority and for its ongoing financial management. As noted in the report, the Port of Los Angeles has held that top AA rating since 1995.
“This is evidence of the port authority’s continued strong financial position and overall stability,” said Colliers Executive Managing Director John Hollingsworth who, along with Vice Presidents Adam Deierling and Reid Wilbraham, presented the award to Pan in his offices in San Pedro. “It’s also evidence of the economic stability Mr. Pan has brought to the ports and to the important role this port plays in the economic life of the country as the gateway to and from Asia.”
Colliers’ report is the fifth semi-annual examination of U.S. and Canadian ports by the company. In 2011, the original purpose of the report was to inventory and profile the estimated 200 North American seaports and illustrate their economic role and influence on the value of industrial real estate.
Now, according to Deierling, the study has evolved to include a better understanding of the increasing inland movement of ocean freight that would likely result from the expansion of the Panama Canal lock system, which is still under construction and scheduled for completion in 2015.
“An increasingly global supply chain and the movement of container ships approximately three times the size of those that today make passage through the canal will bring major changes to North American ports and inland trans¬portation systems, including the ports in Los Angeles and Long Beach,” said Hollingsworth. “Other factors, in addition to the Panama Canal expansion, have converged to make the ports an even more critical concern for the U.S. economy and how they relate to the industrial real estate market of Southern California.”