Port’s revenue up in 2013

The final numbers are in, and the Port of Grays Harbor’s 2013 operating revenue was up a full 27 percent over 2012.

Finance Director Mary Nelson reported revenue totaled $30.7 million last year. It had been projected at $27.9 million.

“I really think it’s from the development of our marine terminal over the last decade, and those customers now enjoying the success of their expansion projects,” Nelson said.

The marine terminal accounts for the bulk of the Port’s revenue with nearly $21.2 million. Its net cash flow is $4.2 million.

“What’s really significant, not only the growth to 102 vessels this year, but also the diversification,” she added.

The majority of the tonnage moved in 2013 was dry bulk, such as AGP’s grain terminal, or roll-on/roll-off vessels to transport items such as cars handled by Pasha Automotive Services, rather than forest product, which dominated the cargo mix historically.

Of the products shipped, 91 percent were for export trade. Seventy percent came into the Port on rail lines.

The acquisition of Satsop Business Park added to the Port’s overall revenue, though the park itself is still operating at a deficit. It brought in just more than $2.9 million last year, but its net cash flow was negative $30,365. The Port has hopes for its future growth.

“When I think about Satsop Business Park, I think about where our marine terminal was 10 years ago, where we had room to grow,” Nelson said. “Positioning the Port for growth has been a strong focus in 2013.”

Bowerman Airport cash flow is down from 2012, negative $122,282. It’s about where it was in 2011.

“We really don’t have the expectation that we will break even, we just try to manage our operations as best we can,” Nelson explained. Westport Marina was the number one fish landing port in the state, and No. 15 in the nation in 2013. It had nearly $1 million in revenue, a net cash flow of $210,848.

Total net operating income was at $6.1 million, less about $2.2 million in debt service payments.

Reserve funds nearly doubled over 2012, rising from $12.4 million to $21.9 million at the close of 2013.


Rules for posting comments