Posted on November 19, 2015
The Port of Houston’s Fiscal Year 2016 operating and capital budget was approved on 17 November during a special meeting of the Port Commission of the Port of Houston Authority.
Solid financial performance is expected to continue in 2016 with projections by the port authority of revenue growth after a very strong fiscal 2015 in terms of cargo tonnage. Total revenues are projected to increase by 2 per cent next year with a steady growth in container units. Cashflow generated in 2016 will help support a capital improvement programme of US$314 million.
These capital improvements will include strategic projects to support new growth opportunities, along with recapitalization projects and channel projects to benefit the entire Houston Ship Channel.
“The global economic outlook suggests 2016 will be slightly stronger than 2015, with most key economies either growing or remaining steady during the upcoming year,” said the port authority.