The Fiscal Year 2018 Operating and Capital Budget was approved earlier this week, during a special meeting of the Port Commission of the Port of Houston Authority (PHA).
The 2018 capital improvement program includes strategic project investments supporting new growth opportunities, recapitalization projects to help sustain high service and enhance productivity levels, and channel development projects for development at container terminals and dredged area material program (DAMP).
“Port Houston projects total revenue growing nine percent over the 2017 mid-year forecast, fueled by container cargo. New resin production along the Houston Ship Channel is anticipated to ramp up in 2018. Operating cash flow will help fund the 2018 capital budget of $275 million,” said the port.
Following the meeting, Port Houston Executive Director Roger Guenther noted Port Houston surpassed handling two million twenty-foot-equivalent units (TEUs) in October, an especially noteworthy milestone as it was achieved during an unprecedented time.
The two-million TEU mark was first reached by the port in 2015. Port Houston expects to finish 2017 in excess of 2.4 million TEUs.
The next regular Port Commission meeting is scheduled to be held Tuesday, December 12.