Harbor Commission Approves Port Budget - Long Beach

By Joseph R. Fonseca
Tuesday, July 15, 2014
Capital improvement projects move ahead with $579 million in funding for Long Beach Port

 

The Long Beach Board of Harbor Commissioners on Monday, July 14, approved an $858 million budget for the Port of Long Beach in the upcoming fiscal year, with two-thirds of the spending set aside for a robust building and modernization program.

For the fiscal year starting Oct. 1, 2014, the Harbor Department plans to spend $579 million on capital projects ? part of a decade-long, $4 billion investment in Port upgrades and efficiency improvements. The ongoing Desmond Bridge Replacement Project and Middle Harbor Terminal Redevelopment will continue to be the Port’s largest construction projects.

The budget was unanimously approved by the Commission and will be presented to the Long Beach City Council for approval. With ports throughout North America working to increase their market share, Port of Long Beach revenues are projected to remain level with the current fiscal year. The spending plan reflects the Port’s commitment to boosting its competitiveness in the long term by rebuilding and replacing outdated facilities and infrastructure.

“The Port will continue to provide excellent seaport services and build the port of the future,” said Doug Drummond, President of the Long Beach Board of Harbor Commissioners. “The Port will remain a vital economic engine for both the regional and national economies.”

The Harbor Department receives no taxpayer revenue to operate. Port operations are supported by income from terminal leases and fees charged to terminal companies and shipping lines for moving cargo through the Port. The budget projects operating revenue of $346.8 million. The approved budget adds 28 new full-time positions, which include 20 in Engineering to support ongoing capital improvements, and six to enhance Port Security operations. The budget also includes funding of more than $30 million for environmental programs and projects such as technology-advancement demonstrations of a barge-based pollution-control system for ships at berth and an electric truck overhead “catenary” system.

The Port of Long Beach is one of the world’s premier seaports, a gateway for trans-Pacific trade and a trailblazer in goods movement and environmental stewardship. With 140 shipping lines connecting Long Beach to 217 seaports, the Port handles $180 billion in trade annually, supporting thousands of Southern California jobs.
 

Maritime Today


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

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

Ports

Iranian Port Deal: Modi's Masterstroke

Indian Prime Minister Narendra Modi signed a deal to develop the Chabahar port in Iran for which India will extend $500 million. The historic pact makes Chabahar

DP World Launches $1.2 bln Sukuk Issue to Cover Tender

Dubai-based ports operator DP World launched a seven-year $1.2 billion sukuk issue on Tuesday, a document from lead managers showed.   The issue, structured to

New Call at Port Kelang on CMA CGM’s REX 2

CMA CGM has introduced a new westbound call at Port Kelang on its REX 2 service connecting Asia with Red Sea.   CMA CGM has decided to replace its REX2 westbound Singapore call with Port Kelang.

Finance

STX Sells Lorient Shipyard

The shipbuilding group STX France has offloaded its Lorient shipyard to a naval consortium.    The shipyard, which has produced civil and naval vessels, will be purchased by Kership,

DP World Launches $1.2 bln Sukuk Issue to Cover Tender

Dubai-based ports operator DP World launched a seven-year $1.2 billion sukuk issue on Tuesday, a document from lead managers showed.   The issue, structured to

Baltic Index Falls on Weaker Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday as demand for larger vessel segments declined.

News

Iranian Port Deal: Modi's Masterstroke

Indian Prime Minister Narendra Modi signed a deal to develop the Chabahar port in Iran for which India will extend $500 million. The historic pact makes Chabahar

Winners of Ferry Design Contest Selected

Winners of International Student Design Competition for a Safe Affordable Ferry to be revealed at the Ferry Safety and Technology Conference   Dr. Roberta Weisbrod,

Maritime Consolidation: Palfinger Aims to Acquire Harding

As maritime markets continue to struggle, merger and acquisition activity should heat up. Today, Austria's Palfinger Group announced that it intends to acquire

 
 
Maritime Careers / Shipboard Positions Maritime Security Offshore Oil Pod Propulsion Port Authority Salvage Ship Simulators 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: 0.1068 sec (9 req/sec)