Port of Philadelphia (PhilaPort) sets sights toward expansion after another record-breaking year of TEU volume

The Port of Philadelphia (PhilaPort) has had another record-breaking year, with total volume moving through the port reaching 841K TEUs (twenty-foot equivalent units).  This represents an annual growth rate of 13.1%, and a 460 basis points increase from the 10-year average annual growth rate of 8.5%. Imports and exports both saw strong upticks in volume from 2023 levels, with exports rising 12% and imports rising 14%, respectively. PhilaPort has announced a 15-year plan, known as Destination 2040, which will bring new berths, equipment, warehousing storage, and additional raw land; which will allow the port to expand their overall capabilities and volume throughput. The port currently projects they will reach 1.5 million in total TEU volume by the year 2040.