Aviation gains offset Maritime decline; outlook for business lines is positive Oakland, Calif. - Port of Oakland operating revenue held steady in FY 2016 despite the departure of a bankrupt tenant.  The Port said today its operating revenue for the year ending June 31 was $338 million.  That was a record for the Port, up 0.4 percent from the old record of $336.6 million set in FY 2015. Operating revenue in the Aviation Division increased 6.7 percent in FY 2016, the Port said.  That offset a 6.2 percent decline in Maritime revenue resulting from the departure of a marine terminal operator.  The operator, Outer Harbor Terminal, LLC, severed a lease agreement with the Port after filing for bankruptcy last February. The Port said Aviation revenue increased due to an 8 percent jump in passenger traffic at Oakland International Airport.  It said the Aviation Division also benefited from higher terminal rental rates. The Port’s FY 2016 revenue by business line:
  • Aviation: $173.1 million, up 6.7 percent from FY 2015;
  • Commercial Real Estate: $16.2 million, up 2.7 percent from FY 2015;
  • Maritime: $148.8 million, down 6.2 percent from FY 2015.
The Port said the outlook for its three business lines is positive.  It added that FY 2017 will be a transition year in Maritime.  On Oct. 14, Fitch Ratings upgraded the rating on the Port’s intermediate lien revenue bonds to A from A-.  Fitch affirmed its A+ rating on the Port’s senior lien revenue bonds.