Port Performance: Cleveland, Los Angeles

Print this Article | Send to Colleague

The Cleveland-Cuyahoga County Port Authority reports unaudited financial results indicate that 2013 was one of its best years on record, with cargo tonnage and development revenue exceeding budget targets by double-digit margins. The Port of Los Angeles reports container throughput fell 8.9 percent in February, mainly due to the Chinese New Year, which closed many factories in Asia for two to three weeks.

Cleveland Reports Strong CY 2013 Operating Results

The Cleveland-Cuyahoga County Port Authority reports unaudited financial results indicate that 2013 was one of its best years on record. Financial performance significantly exceeded its budget projections with a 6.4 percent increase in operating revenues and a 4.9 percent decrease in operating expenses.

The port attributes the increase in revenues to improved performance by both its maritime and development finance lines of business. Total cargo tonnage shipped through the port in 2013 exceeded the budget projection by more than 20 percent, while development finance revenue topped budget targets by 82 percent.

CEO Will Friedman said the port turned in its best operating performance in a decade, resulting in a $3 million improvement in net assets.

"Our positive financial position," he said, "lays the foundation for our major initiatives during the next few years. With the startup of the Cleveland-Europe Express in April, we expect up to 400,000 additional tons of cargo through our port, representing roughly 10-15 percent of Ohio's European trade, translating directly to an expected increase of $50 million in economic activity and hundreds of new jobs."

He said that the port will use its positive cash position to "continue to focus on our environmental commitments, too, to make sure the Cuyahoga River and Cleveland Harbor areas attract people and businesses to downtown Cleveland."

Setting the stage for 2014 and beyond, the port authority has renewed its lease agreements with Kenmore Construction Company for Dock 20 and Federal Marine Terminal as general cargo terminal operator.

Los Angeles: February Container Volumes Decrease Following Chinese New Year

The Port of Los Angeles reports container throughput fell 8.9 percent in February to 559,786 TEUs from 614,948 TEUs in February 2012. It attributes the drop in part to the Chinese New Year, which closed many factories in Asia for two to three weeks in February. Last year, the holiday had a negative impact on March container volumes.

In detail, this February's data show declines of 10.6 percent and 6.2 percent, respectively for in- and outbound loads and 8.3 percent for empty containers. Volume for the first two months of CY 2014 totaled 1,245,336 TEUs, down 3.0 percent from January-February 2013. Click here for details.