• 2016 June 5 08:48

    Port of Los Angeles adopts fiscal year 2016/17 budget

    The Los Angeles Board of Harbor Commissioners has approved a $1.17 billion fiscal year (FY) 2016/17 annual budget for the Port of Los Angeles, the company said in its press release.

    As in years past, budget allocations closely align and support the four key objectives of the Port’s 2012-2017 Strategic Plan, which include: development of a world-class infrastructure that promotes growth; implementation of an efficient, secure and environmentally sustainable supply chain; improved financial performance of Port assets; and strengthened relationships with Port stakeholders.

    The FY 2016/17 budget includes $452.8 million in operating receipts, a principal mechanism for funding day-to-day Port operations. This represents a 5.7% increase over the prior year budget, largely due to anticipated growth in cargo volumes and related shipping service revenues.

    Cargo volumes have been on the upswing since service levels returned to normal during the first half of 2015.  Implementation of a chassis pool program by the Port’s three major chassis providers, a “Peel-Off” program and continued supply chain optimization efforts are also showing positive results in terms of cargo velocity. This is expected to continue in FY 2016/17, with cargo volumes projected to grow by 1.9% over the prior year budget to approximately 8.5 million TEUs annually.

    With many capital improvement programs wrapping up in FY 2015/16, the Port’s newly approved $146.1 million capital improvement plan (CIP) anticipates a 24% decrease relative to the prior year budget. Completed CIP projects in FY 2015/16 included the TraPac Intermodal Container Transfer Facility, TraPac terminal buildings and main gate, the John S. Gibson Intersection/Northbound Interstate-110 ramp access improvements, as well as Interstate-110/State Route 47 connector improvements.

    Key terminal projects budgeted to continue in FY 2016/17 include TraPac backland improvements, Yusen Terminals, Inc. berth redevelopment, electrical infrastructure at the World Cruise Center, wharf rehabilitation at the WWL Vehicle Services terminal, as well as wharf improvements at the Port’s liquid bulk terminals.

    The FY 2016/17 budget includes operating expenses of $249.0 million, a 3.6% increase over the previous year, and driven primarily by increases in salaries and benefits and a reduction in capitalized expenditures. Salaries and benefit allocations to the Construction and Maintenance division, as well as to Port Police, are expected to comprise more than 40% of gross salaries and benefits approved in the FY 2016/17 budget.

    The approved budget enables the Port to meet important financial metrics, including maintaining its AA debt rating, surpassing a 2.0 times debt service coverage, generating at least a 45% operating margin and preserving a prudent level of cash reserves that is consistent with an AA-rated port.  The FY 2016/17 budget also supports the creation of 3,940 jobs within the region.

    The Port of Los Angeles is America’s premier port and has a strong commitment to developing innovatively strategic and sustainable operations that benefit Southern California’s economy and quality of life. North America’s leading seaport by container volume and cargo value, the Port of Los Angeles facilitated $270 billion in trade during 2015. Port operations and commerce facilitate more than 133,000 jobs (about one in 14) in the City of Los Angeles and 479,000 jobs (or one in 18) in the five-county Southern California region. The San Pedro Bay Ports support nearly 1 million California jobs and 2.8 million nationwide.




2020 November 30

18:36 Mina Rashid retains its title as the world’s leading cruise port at the World Travel Awards 2020
18:07 Seagoing vessels will pay a single tariff at North Sea Port from 1 January 2021
17:55 DP World’s Jebel Ali Port joins International Association of Ports and Harbours
17:36 Brittany Ferries’ new ship sets sail online
17:13 IAPH climate and energy working groups meet
16:48 Gasum continues to expand bunkering services
16:40 RWE and DEME Offshore install collars on offshore foundations
16:25 Fair treatment of seafarers and the COVID-19 pandemic on IMO Legal Committee's agenda
16:01 Report on maritime automation legislation commissioned by Finland’s Ministry of Transport and Communications pays attention to ensuring safety
15:37 Rosmorport conducted pilotage and docking of LNG tankers to temporary LNG Offshore Transshipment Complex in Barents Sea
15:14 "Wind Hunter Project" starts zero-emission project with wind propulsion and hydrogen
14:52 Port of Gdansk expects its tonnage to exceed 48 million tonnes in 2020
14:39 ABS and DSME sign JDP to explore using solid oxide fuel cells on-board VLCCs
14:30 Gazprom posts RUB 202.21 billion loss in 9M’2020
14:04 Uralhimmash shipped new equipment for NOVATEK’s facility in Ust-Luga
13:41 Average spot market price for Russian M100 product climbed to RUB 14,029 pmt
13:20 Diana Shipping announces time charter contract for m/v Polymnia with CLdN Cobelfret
12:56 Collaboration and digitalisation highlighted for Singapore’s maritime safety efforts at MPA’s International Safety@Sea Event
12:33 RF Government expands Vladivostok seaport territory
12:10 Abu Dhabi Ports supports the fight against COVID-19 with capacity to store and distribute 70M vaccines
11:49 LNG bunker fleet could increase fivefold by 2030
11:48 NIBULON launches a 90-m non-self-propelled vessel
11:27 RS optimizes Rules for Classification and Construction of Sea-Going Ships
11:03 Van Oord’s vessel completes turbine installation at Borssele III & IV offshore wind farm
10:45 NIB and Tallink Silja Oy agree COVID Response loan to support operations
10:22 Volga Shipping Company transported 3.2 million tonnes of grain in navigation season of 2020
10:16 Castor Marine takes over SeaVsat assets
09:59 MABUX: Bunker market this morning, Nov.30
09:38 Throughput of Chinese sea and river ports in 10M’2020 climbed by 3.7% YoY
09:20 Oil prices decrease in the beginning of the week
09:06 Baltic Dry Index as of July 7

2020 November 29

16:07 Port of Antwerp: New intermodal connections, October 2020
15:23 Lerwik Port Authority's Annual Review: Diverse customer base served Lerwik Harbour well in 2019
14:56 USCG, good Samaritan rescue 3 from sinking vessel near Cape Fear
13:28 BAE Systems secures Navy's contract for drydocking, maintenance and modernization of USS Wasp (LHD1)
12:41 Boluda’s new tug duo arrived in Rotterdam
11:48 Scorpio Bulkers announces the sale of Ultramax vessels
10:55 Pacific Basin expands its fleet with the acquisition of four modern Ultramax vessels

2020 November 28

15:51 Turkish shipbuilder orders boiler package from Parat for NB1105
14:23 Volkswagen Group selects marine biofuel leader GoodFuels to run fossil-free car transport operations
13:18 Fincantieri inks agreement with the Yucatán Gov’t for a new shipyard
12:27 Piriou has developed 100M cable vessel
11:39 Federal Maritime Commission increases global alliances' information monitoring report requirements
10:57 Managing passenger shipping for the benefit of all stakeholders

2020 November 27

18:27 First full-flow ballast water management system to receive Chinese Flag and CCS Type Approval
18:05 CLdN adds 2nd call on Zeebrugge - Cork route
17:47 Seagoing vessels mooring at North Sea Port will now pay a single tariff for the entire cross-border port area
17:26 FESCO delivered extra heavy power equipment from Russia to Bangladesh
17:05 LR, Anemoi and SDARI join forces on rotor sail designs
16:39 Interested parties invited to submit offers on development of deepwater terminal in Świnoujście
16:14 Sea-Cargo starts new freight service via Gothenburg
15:50 Yantar shipyard delivers new trawler of Project SK-3101R
15:48 Mikki Koskinen elected as the new Chairman of Finnish Shipowners’ Association
15:36 Head of Delo Group outlined tasks for updated composition of TransContainer BoD
15:15 IHM Certification for UK flag ships subject to PSC inspection at EU ports
14:48 IADС continues partnership with organizers of Hydraulic Engineering Structures and Dredging Congress
14:14 Wilhelmsen awarded funding for Singapore 3D printing project
13:59 World Maritime University and Batumi State Maritime Academy signed MoU
13:33 Bunker prices recover in the Far East ports of Russia (graph)
13:14 Fully integrated Wärtsilä Hybrid Solution selected for new Misje Rederi bulk carriers