The Port of Houston Authority said that it projects an increase of its total revenues by 2 percent next year with a steady growth in container units.
The cash flow expected in 2016 would help support a capital improvement program of USD 314 million, to include projects for new growth opportunities, recapitalization projects and channel projects to benefit the entire Houston Ship Channel, the authority added.
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.
Port of Houston is currently undergoing modernization to prepare for an expected influx of larger ships with the expansion of the Panama Canal.
The port’s latest update was the installation of N4 terminal operating system (TOS) at its Barbours Cut Container Terminal to increase vessel productivity and minimize truck turnaround time.
Port of Houston, which operates the Barbours Cut Container Terminal and Bayport Container Terminal, handles about 67 percent of all containerized cargo in the U.S. Gulf of Mexico. This represents approximately two million TEUs annually between the two terminals.
As part of a master-planned redevelopment, the Port Authority redeveloped more than 20 acres at Barbours Cut for container stacking and is currently in the process of commissioning four new SPP cranes on a newly renovated 1300 foot segment of dock.