Alaska Railroad to issue revenue bonds to fund new Seward dock, terminal

Alaska Gov. Mike Dunleavy yesterday signed legislation that grants Alaska Railroad Corp. (ARRC) the ability to issue up to $135 million in revenue bonds to fund the construction of a new passenger dock and terminal facility in Seward.

ARRC’s bonds will be secured by a 30-year agreement with anchor tenant Royal Caribbean Group, which guarantees a minimum of 140,000 guests annually. The port improvement fee assessed to the guests will fully cover the repayment of the bond debt, ARRC officials said in a press release.

The existing Seward passenger dock and terminal date to the mid-1960s. Replacement is necessary for Seward to continue to receive cruise ships.

The new floating barge dock with double-berth pier will be 748 feet long and 100 feet wide and be able to accommodate Royal Caribbean's Quantum class cruise ships.

ARRC will own and operate the facility as an open dock available for other cruise lines to use as well. The 2025 cruise season will operate normally at the existing dock in Seward; in fall 2025, the old dock will be demolished and the new dock fully constructed and installed in time for the 2026 summer cruise season.