Guam port volumes up nearly 10% in 2007
The Port Authority of Guam recorded a slight increase in cargo volume and no new operating expenses leading to a $3.6 million increase in operating revenues for fiscal year 2007.
Cargo volumes, according to the Guam Office of the Public Auditor report, increased from 1.9 million tons to 2.1 million tons, a healthy 9.6 percent increase from fiscal year 2006.
Despite the cargo increase, the port authority managed to keep its operating expenses flat at $27 million.
Payroll costs increased $275,000 with the addition of 11 new positions to the now 325-member strong staff to $15.9 million.
The port authority ended fiscal year 2007 with a $1.6 million increase in net assets.
Independent auditor Deloitte & Touche rendered a 'clean' opinion of the port authority's financial reporting. The auditors did take notice of the port authority's problems in obtaining new gantry cranes for the island port complex.
Jones Act ocean carriers Matson Navigation and Horizon Lines, each major players in the islands shipping trade, have agreed to purchase three used cranes from the Port of Los Angeles and install them on Guam. In return, the two carriers are asking for offsets to the fees they pay to the port authority. The two lines expect to spend between $12 million and $15 million to purchase, refurbish and install the cranes at the Guam port.