These significant dredging projects will begin, following issuance of U.S. Army Corps of Engineers permits and approval of its assumption of maintenance of the channels. The Port Authority’s monthly financial and cargo report for February 2014 shows solid results with facility operations showing strong results during the first two months of the year. Year-to-date operating revenue is up $2 million, net operating income is up $2 million, and cash flow is up $2.2 million, after setting aside two non-recurring revenue events from early 2013, which caused an overall decrease in those categories.
“The cash flow realized from our operations is crucial as we continue to reinvest in our facilities to prepare for future growth,” said Executive Director Roger Guenther. Steel tonnage for February totaled 502,000 tons, marking the first time since May 2012 that Port Authority facilities handled steel exceeding 500,000 tons. So far in 2014, the Port Authority has moved 904,000 tons, for a 14-percent increase over 2013. Although year-to-date overall container volume is down slightly, the volume of loaded containers remains flat when compared to 2013. Container volume is expected to be very solid in March, Guenther said, with 3 to 4 percent overall growth in containers expected for the year.