Port of Los Angeles Adopts Fiscal 2014-15 Budget

By George Backwell
Thursday, June 05, 2014
Ambassador Vilma Martinez: Official photo

The Los Angeles Board of Harbor Commissioners informs it has approved a US$938.8-million fiscal year (FY) annual budget for the Port of Los Angeles. Nearly $350 million (37 percent) of the approved budget will go toward capital expenditures to help the Port maintain its global competitive position.

“In the face of fierce and increasing competition from around the world, we must do whatever we can to maintain our position as the nation’s premier trade gateway,” said Ambassador Vilma Martinez, Harbor Commission President. “This budget will allow us to continue to modernize infrastructure, upgrade terminals and build a transportation network that can continue to successfully compete globally.”
 
The Port anticipates spending approximately $1.1 billion on its capital improvement program over the next five years. In the FY-2014-15 budget, $281 million will be dedicated to specific capital improvement program (CIP) projects. Terminal development and transportation projects comprise 87 percent of the CIP budget.
 
In keeping with its commitment to strengthen relationships with Port stakeholders, about $38 million of the Port’s proposed operating and capital budgets will fund a wide range of projects that provide benefits to the community, such as development of the LA Waterfront. Through a combination of payments and in-kind services that support local nonprofit and youth organizations and the maritime community at large, $22 million is provided through actual cash outlay and $15.6 million is included through properties provided at a discount or gratis.

Approximately $136.3 million (48.5 percent) of the CIP budget will be dedicated to terminal development projects. Approximately $100.4 million will help fund the ongoing TraPac Terminal expansion, which includes backland improvements, stacking crane and automation infrastructure, an intermodal facility to provide on-dock rail capabilities, and other terminal-related construction. Another estimated $19.2 million will go toward upgrades and improvements at the Yang Ming, APL, Evergreen, YTI and China Shipping terminals.

The approved budget is based on a projected 3.8 percent increase in cargo growth over the current budget. Higher container volumes are expected to be generated by organic growth, as well as by the Port’s Common Ocean Carrier Incentive Program, in which ocean carriers will earn financial incentives for each incremental container over established thresholds shipped through the Port.

During the four-hour board meeting, adds the Harbor Commissioners, a number of constituents echoed the request made at the start of the meeting by 15th District Councilmember Joe Buscaino that specific funds be allocated in next year’s budget for the Sampson Way Realignment Project.  The proposed budget was amended to include that stipulation.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

US Navy Tests Latest Aegis Weapon System

The U.S. Navy conducted a series of cooperative air defense test exercises with the Spanish navy that culminated in live missile firing events using the latest Aegis Weapon System baseline July 20-21.

Antwerp Port CEO Scoops Baron Title

After 25 years as CEO of Antwerp Port Authority, Eddy Bruyninckx has been raised to the nobility by H.M. the king of Belgium with the rank of baron. In Belgium

SENER Presents Two FORAN Papers at the Morintekh

In June, the SENER engineering and technology group participated in the 17th Morintekh – Praktik 2016 Scientific Conference, in the city of St. Petersburg, Russia.

Ports

Antwerp Port CEO Scoops Baron Title

After 25 years as CEO of Antwerp Port Authority, Eddy Bruyninckx has been raised to the nobility by H.M. the king of Belgium with the rank of baron. In Belgium

Libya's PFG to Lift Terminal Blockades

Petroleum Facilities Guard has blocked terminals for months. Ras Lanuf, Es Sider terminals damaged by fighting. Libya's Petroleum Facilities Guard (PFG) will

Asia-N.Europe Box Rates Fall 8.1 pct

Freight rates for transporting containers from ports in Asia to Northern Europe fell 8.1 percent to $713 per 20-foot container (TEU) in the week ended on Friday,

Finance

Asia-N.Europe Box Rates Fall 8.1 pct

Freight rates for transporting containers from ports in Asia to Northern Europe fell 8.1 percent to $713 per 20-foot container (TEU) in the week ended on Friday,

Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including

G6 Updates Asia-North America West Coast Service

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance

Container Ships

Asia-N.Europe Box Rates Fall 8.1 pct

Freight rates for transporting containers from ports in Asia to Northern Europe fell 8.1 percent to $713 per 20-foot container (TEU) in the week ended on Friday,

G6 Updates Asia-North America West Coast Service

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance

Trieste Terminal Selects N4 TOS

Navis has announced a new N4 terminal operating system (TOS) licensing agreement with Italian terminal, Trieste Marine Terminal (TMT). TMT selected the Navis TOS

People in the News

Kerry to Press ASEAN meeting for talks on SCS Disputes

U.S. Secretary of State John Kerry will urge Southeast Asian nations in meetings in Laos next week to find diplomatic ways to launch talks with China on easing

US Navy Tests Latest Aegis Weapon System

The U.S. Navy conducted a series of cooperative air defense test exercises with the Spanish navy that culminated in live missile firing events using the latest Aegis Weapon System baseline July 20-21.

Antwerp Port CEO Scoops Baron Title

After 25 years as CEO of Antwerp Port Authority, Eddy Bruyninckx has been raised to the nobility by H.M. the king of Belgium with the rank of baron. In Belgium

Logistics

Team Britannia, GAC Inks Partnership Deal

As Team Britannia prepares for its bid to break the round-the-world powerboat record later this year, GAC has been named their official shipping and logistics partner.

Libya's PFG to Lift Terminal Blockades

Petroleum Facilities Guard has blocked terminals for months. Ras Lanuf, Es Sider terminals damaged by fighting. Libya's Petroleum Facilities Guard (PFG) will

Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1529 sec (7 req/sec)