Total tonnage was up 1 percent for the month of June, but is up 9 percent compared to the first six months of 2011. After having shown fairly consistent growth since April 2010, steel declined by 4,000 tons or 1 percent.
“This results primarily from softening in the import of drilling pipe, given a ‘flattening’ of rig count and likelihood of decreases in natural gas pricing,” Waterworth explained.
He said growth is expected to flatten for the remainder of the year after having grown by 1.1 million tons – or 60 percent – for the year through June. General cargos at Port of Houston Authority facilities (bulk product, bagged goods, wind power equipment, etc.) continue to show growth of 247,000 tons – or 14 percent – for the year. The number of container twenty-foot-equivalent units (TEUs) increased by 11 percent in June, but is still running 2 percent behind the first six months of 2011.
June operating revenues were $18.4 million, up by 10 percent over last year, and year-to-date revenues increased 9 percent. Waterworth attributes the increases to steel throughput, dredge disposal fees and the signing of seven new leases for 2012.
“Overall, our financial health is very good,” Waterworth said.