Houston approves US$275 million budget to invest in growth
The Port of Houston Authority has approved a larger operating budget for 2018 to up its capacity to cater for new resin production along the Houston Ship Channel.
Houston’s big for next year is based on the projection of total revenue growing 9% in 2017, fuelled by container cargo growth.
The port’s 2018 capital improvement programme will include strategic project investments supporting new growth opportunities, recapitalisation projects to help sustain high service and enhance productivity levels, along with channel development projects.
At the same time, the Port Commission has also authorised an increase to Tariff Nos. 8, 14, and 15 effective from 1 January 2018.
The tariff increase will be at an amount equal to the change in the Consumer Price Index average for a 12-month period ending October 2017 as published by the U.S. Bureau of Labor Statistics in November 2017.
Port Houston said the tariff increase will allow it to remain competitive to continue and to meet the increasing demands of the maritime trades.
The port surpassed handling two million teu in October, an especially noteworthy milestone as it was achieved during an unprecedented time. Commissioners expect the port to finish 2017 in excess of 2.4 million teu.
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