Port of Houston ups budget while expecting tough year

THE global downturn has been blamed in an expected drop in net income from US$1 million for 2009 to $34 million the year before despite federal stimulus and hurricane relief funding.

Port authority executive director Alec Dreyer expects a tough year ahead even though cargo volume increased, saying that steel and machinery are expected to be flat after a 57 per cent drop in steel imports.

Some 25,000 fewer cars were handled year on year and 10 per cent fewer ships called (2,948) year to date. But Houston did better as its container decline stood at 14 per cent against a 17 per cent drop nationwide according to the American Association of Port Authorities. @FAXTEXT = Mr Dreyer told the Houston Chronicle that it expects the port to rebound by 2011. "We haven't seen the fall-offs that other ports have seen. We believe Houston and Texas will continue to outperform the rest of the country. It has in the past, and we believe it will in the recovery."

Despite the gloom, port commissioners approved a seven per cent budget increase for 2010.

(Source: www.schednet.com)