Big Increase in Port of Houston Steel Cargoes
More steel moved across the docks in July than any month since 2008, Executive Director Roger Guenther reported at the recent meeting of the Port Commission of the Port of Houston Authority.
Guenther also noted that PHA has achieved a record, with operating revenues in July 2014 of more than $24 million.
Steel and bulk cargo support a solid 5 percent growth in tonnage, he said. More than 22 million tons of cargo moved across Port Authority docks during the first seven months. The month of July also recorded
the highest tonnage in steel since 2008, 844,000 tons. Container volume was relatively flat compared to last year, but has seen a 4-percent increase in the number of loaded boxes year to date. This was offset by a reduced number of empty containers being imported through PHA terminals due to an increase in loaded imports.
Combining the strength in revenues and controlled spending, PHA has generated more than $65 million in operating cash flow for the year, a growth of 5 percent, Guenther reported. Following the first two quarters of 2014, PHA has prepared a reforecast budget for the remainder of the year, reflecting a $5.8 million increase in annual operating revenue, a decrease of $2.1 million in annual operating expense, and a reduction in G&A expense of $1.9 million, which results in a revised 10-percent increase in reforecast cash flow for the year, topping $100 million.
"This revenue generated will be reinvested in the infrastructure assets needed to increase capacity and provide for increased economic activity and job growth for the region," Guenther said.