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Revenues & Records: Houston, Saint John

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The Port of Houston Authority generated operating revenue totaling $21 million in July, surpassing July 2012's performance by $1.4 million, or 7 percent. At mid-year, Port Saint John’s containerized cargo had doubled in volume from a year ago to 258,000 metric tons.

Houston: Port Authority Achieves Another Month of Record Operating Revenue, Dredging Projects Authorized 

The Port of Houston Authority generated operating revenue totaling $21 million in July, surpassing July 2012's performance by $1.4 million, or 7 percent, Executive Director Len Waterworth told port commissioners during their monthly meeting on August 20.  

Year-to-date operating revenue of $135 million increased 4 percent, or $6 million. The Port Authority first exceeded $20 million earlier this year. Mr. Waterworth also reported that July's net income of $4 million exceeded last year's by $1 million, or 47 percent. Year-to-date net revenue of $25 million was up 11 percent.

July cargo throughput of 3.0 million short tons was up 4.0 percent, thanks in great part to a 21-percent jump in bulk exports. Year-to-date tonnage grew 3.0 percent to 21 million tons, chiefly due to increases of 8.0 percent by containerized cargo and 17 percent by bulk commodities.

The commission authorized port authority staff to seek private funding of up to $300 million through revolving note programs. The financing will address the port authority's most intensive capital investment program ever and gives staff time to consider long-term options. The port authority has identified more than $3 billion in capital needs for the next 15 years.

Port commissioners also approved the immediate funding of an additional $100,000 for the U.S. Army Corps of Engineers for economic study and analysis. That study will focus on the feasibility of the federal government taking responsibility for the maintenance of its federal channels alongside the berths at Bayport and Barbours Cut container terminals.

The port authority has committed to self-fund the estimated $150 million it will cost to dredge those channels to 45 feet, matching the depth of the Houston Ship Channel. By doing so, the expectation is that the federal government will pay for ongoing maintenance.

The commission also approved Memoranda of Agreement with the Corps for maintenance dredging and deepening of the nonfederal channels at the Port Authority's Care and Jacintoport terminals for up to $1.3 million; maintenance dredging at Turning Basin, Woodhouse and Sims Bayou terminals for up to $5.4 million and Bayport Container Terminal for up to $1.1 million.

Saint John Sees Sustained Growth 

This has been a year of growth for Port Saint John, growth that has been sustained as the year progresses. 

At mid-year, the port’s containerized cargo had doubled in volume from a year ago to 258,000 metric tons. The trend continued through July, with tonnage for the year at 311,000 tons, a 101 percent increase from 156,000 in January-July 2012. 

"We release these numbers every month, and every month I’m proud to say together with our partners Tropical Shipping and MSC, we’ve sustained growth in our container market. This is a world class port and businesses are recognizing it by bringing their business here. This isn’t just a good news story for the port, it is positive for this entire region and province," said Port Authority CEO Jim Quinn. 
 

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