The Port of Houston Authority will seek $300 million in private funding to support its investment plan, which is expected to top $3 billion over the next 15 years.
The authority’s commission authorized the deal at its monthly meeting.
At the meeting, the commission also allocated funds to the Army Corps of Engineers for maintenance dredging and deepening, reserving up $5.4 million for the Turning Basin, Woodhouse and Sims Bayou terminals; $1.3 million for the Care and Jachintoport terminals; and $1.1 million for Bayport Container Terminal.
The port will give the Corps $100,000 for an economic study regarding the federal government’s takeover of maintenance duties of federal channels near the Bayport and Barbours Cut terminals. The port will pay the estimated $150 million to dredge the two channels to match the 45-foot depth of the Houston Ship Channel if the government will pay for maintenance.
In July, the Port of Houston generated $21 million in operating revenue, a 7-percent increase over the same period in 2012. So far in 2013, operating revenue is up by 4 percent, year over year.
Len Waterworth, executive director of the Port of Houston Authority, announced the results during the commission’s monthly meeting.
Net income in July rose by 47 percent, year over year, to $4 million.
A 4-percent increase in tonnage in July and 3-percent growth so far this year has helped propel the port to its current results. For July, bulk exports rose by 21 percent, bulk commodities increased by 17 percent, and container tonnage rose by 8 percent, year over year.
Four rubber-tiered gantry cranes have been delivered during the last
month to the port. Four additional cranes, which will be used to
increase container handling efficiency, are on order. – Jon Ross
Houston port seeks $300 million
