Cleveland-Cuyahoga County Port Approves 2013 Budgets

Press Release
Tuesday, December 18, 2012

2013 budgets approval reflects strong financial performance & commitment to investments tied to its Strategic Action Plan.

In 2013, the Port intends to continue improving its business lines by attracting more projects to its Foreign-Trade Zone and development finance programs, and strategically enhancing the financial performance of the maritime operation. As a result, operating revenues are expected to increase 18 percent next year, and the Port will be positioned to target more resources to strategic initiatives without significantly increasing overall operating expenditures.

“Both our results this year and the budgets for next year demonstrate our management team’s fiscal discipline,” said Port Chair Bob Smith. “I am particularly pleased that our financing program has projects in the pipeline that will bring more private investment to our community. These projects are expected to generate additional revenues for the Port that will both support our maritime business and allow us to direct tax dollars to capital improvements.”

The Port is an independent, special-purpose organization that both operates as a business competing for customers and as a public agency that makes investments in infrastructure to benefit the local economy and quality of life.

The Board also authorized an agreement with Infinity Construction Co., Inc. for the construction of a maintenance facility in Euclid for the Ohio Department of Transportation. The Port is building the facility for ODOT and reported to the board that minority and female business enterprises are expected to perform at least 30 percent of the work under the contract. For 2013, the Port projects total revenues of $8.7 million, which would make next year one of the best revenue years in a decade.

Next year’s operating budget of nearly US$7.3-million includes expenditures directly tied to the implementation of initiatives contained in the Port’s Strategic Action Plan.

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Hamburg Süd to Acquire CCNI Liner Service

Compañía Chilena de Navegación Interoceánica S.A. (CCNI) with headquarters in Valparaiso, Chile, and Hamburg Südamerikanische Dampfschifffahrts-Gesellschaft KG (HSDG) with headquarters in Hamburg,

Asia VLCC Rates Could Nudge Higher on Activity

Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering

Star Bulk Takes Delivery of First Capesize from JMU

Athens, Greece-headquartered Star Bulk Carriers says it has taken delivery of 'M/V Peloreus' a 182,000 dwt Capesize built by Japan Marine United (“JMU”) and the

Ports

Homecoming Scotland 2014 Fireball Championships

Lerwick Harbour is ready for an exciting week of sailing with the 2014 Fireball European Championships taking place at the port next week. As a warm-up to the main event,

Iraqi Kurdish Oil Nears US Port Despite Concern in Washington

A tanker carrying crude oil from Iraqi Kurdistan is just one day away from arriving at a U.S. port, according to ship tracking satellites, despite Washington's

Phillips 66 Marine Fueling Facility Nears Completion

Phillips 66’s previously announced marine over-the-water fueling facility at its Richmond, Calif. terminal is nearing completion. The facility, located on Canal Boulevard, and known as Pier No.

Finance

Canal Project Slows Panama Economy Growth

Panama's economy expanded in May at its slowest pace since 2009 as major public works projects, including an expansion of the Panama Canal, slowed or wrapped up,

Gas Prices Help Offset Statoil's Output Drop

Statoil's second quarter 2014 net operating income was NOK 32 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.

Asia VLCC Rates Could Nudge Higher on Activity

Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1214 sec (8 req/sec)