“This budget represents a balanced, fiscally responsible plan with resources dedicated to our primary goals for the year ahead,” said Geraldine Knatz, Port Executive Director. “Our priorities are focused on keeping revenue-generating capital projects on schedule; retaining and attracting new business; and seeking new sources of public and private funding for our construction, security, transportation, community and environmental initiatives.”
The newly approved budget includes a capital budget of US$266.3m, operating expenses of US$221.3m and projected total operating revenues of US$373.4m.
Capital Improvement projects for the coming year include US$40m for the development and expansion of the TraPac Container Terminal, which includes a 60-acre expansion and construction of an on-dock rail facility, a new wharf and Alternative Maritime Power (AMP) infrastructure so ships can plug into shore-side electric power while at berth. Approximately US$33m is allocated for the China Shipping terminal project, which includes a 35-acre expansion, a new wharf and AMP facilities. US$25 million has also been allocated for the port’s channel deepening programme.