IN a move to accommodate larger vessels and growing cargo volumes, as well as information technology tools to increase supply chain efficiency, the Los Angeles Board of Harbour Commissioners has approved its US$1.3 billion 2018-19 budget that stresses continued investments in marine terminals and supporting infrastructure.
The fiscal year 2018-19 budget accompanied the release of the Port of Los Angeles revised 2018-2022 strategic plan that calls for capital expenditures of $550.5 million over the next five years.
The plan is built upon four objectives - infrastructure development; a secure, efficient and environmentally sustainable supply chain, improved financial performance of port assets and building strong relationships with stakeholders.
Los Angeles, America's biggest container port, handled a record 9.3 million loaded and empty TEU in calendar year 2017, an increase of 5.5 per cent from the 2016 record-breaking year, the port stated.
Operating receipts represent the port's principal mechanism for funding day-to-day operations. The budget projects operating revenues in the coming fiscal year of $509.5 million, an increase of 7.2 per cent from the fiscal 2017-18 budget.
The port anticipates growth in cargo volumes, shipping revenues, and land rental returns. Shipping service revenues will comprise approximately 83.1 per cent of total anticipated operating revenues. Operating expenses in the coming fiscal year are budgeted at $280.2 million.
The coming fiscal year will see continuing technology advancements, including the port optimiser tool that is being developed by the port authority and GE Transportation. The optimiser and port information portal provide a single window to support enhanced supply chain performance as vessel sizes and cargo volumes continue to grow.
The combined Los Angeles-Long Beach port complex is projected to increase its container volume from more than 16 million TEU in 2017 to about 40 million TEU in 2040, reports IHS Media.
The fiscal year 2018-19 budget accompanied the release of the Port of Los Angeles revised 2018-2022 strategic plan that calls for capital expenditures of $550.5 million over the next five years.
The plan is built upon four objectives - infrastructure development; a secure, efficient and environmentally sustainable supply chain, improved financial performance of port assets and building strong relationships with stakeholders.
Los Angeles, America's biggest container port, handled a record 9.3 million loaded and empty TEU in calendar year 2017, an increase of 5.5 per cent from the 2016 record-breaking year, the port stated.
Operating receipts represent the port's principal mechanism for funding day-to-day operations. The budget projects operating revenues in the coming fiscal year of $509.5 million, an increase of 7.2 per cent from the fiscal 2017-18 budget.
The port anticipates growth in cargo volumes, shipping revenues, and land rental returns. Shipping service revenues will comprise approximately 83.1 per cent of total anticipated operating revenues. Operating expenses in the coming fiscal year are budgeted at $280.2 million.
The coming fiscal year will see continuing technology advancements, including the port optimiser tool that is being developed by the port authority and GE Transportation. The optimiser and port information portal provide a single window to support enhanced supply chain performance as vessel sizes and cargo volumes continue to grow.
The combined Los Angeles-Long Beach port complex is projected to increase its container volume from more than 16 million TEU in 2017 to about 40 million TEU in 2040, reports IHS Media.