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Public Port Finance Survey.Pub Maritime Administration Public Port Finance Survey for FY 2006 December 2008 Cover: Ports of Los Angeles & Long Beach Maritime Administration file photo: West Coast Tour Photographer—Shannon M. Russell Public Port Finance Survey − FY 2006 December 2008 U.S. Department of Transportation Maritime Administration Office of Intermodal System Development Should you have questions or comments concerning this report, please contact: Maritime Administration Office of Intermodal System Development 1200 New Jersey Ave., SE (#W21-201, MAR-540) Washington, DC 20590 Phone: 202-366-2320 Fax: 202-366-6988 E-mail: [email protected] To learn more about the Maritime Administration or the maritime industry, visit our web site at www.marad.dot.gov. TABLE OF CONTENTS Page Introduction ............................................................................................................ 1 Participating Ports ................................................................................................. 2 Definitions of Terms .............................................................................................. 3 Operating Status ............................................................................................ 3 Port Type ........................................................................................................ 3 Ratios Used in Report..................................................................................... 4 FY 2006 Data Tables .............................................................................................. 5 North & South Atlantic ................................................................................... 6 Gulf ............................................................................................................... 10 North & South Pacific & Great Lakes (inc. Canada) .................................. 14 Appendix: FY 2006 AAPA Port Finance Survey Questionnaire ..................... A-1 INTRODUCTION This report is the result of a cooperative effort between the Maritime Administration and the American Association of Port Authorities (AAPA). It was prepared by the Maritime Administration, using financial information furnished by AAPA. This is the only report of its kind in the port industry that covers U.S. and Canadian ports. It has been compiled for 28 years, first by AAPA or a member port and now, for the ninth year, by the Maritime Administration. The survey data were obtained by AAPA from its U.S. and Canadian corporate membership. AAPA’s U.S. members represent virtually all the major U.S. deep-draft coastal and Great Lakes ports. Public port agencies own approximately one-third of the U.S. deep-draft marine terminal facilities. The report contains financial data on maritime activities at ports, including the income statement, balance sheet, outstanding bonds, debt service, sales offices, and cargo tonnage. Two additional sections cover data on ratio analyses and contributions, donations, and grants received in fiscal year 2006. It is important to note two characteristics about the data in this report − (A) they represent fiscal year (FY) data, and (B) ports have different fiscal years. (A fiscal year is defined as a 12-month period used to calculate annual financial reports. For example, a fiscal year ending June 30 extends from July 1 of one year to June 30 of the following year.) The table below shows the different fiscal years for the 38 ports in this report. Fiscal Year Port (12 months ending…) April 30 South Louisiana Massachusetts (Boston), Maryland (Baltimore), Philadelphia, Wilmington (DE), Richmond (VA), North Carolina, South June 30 Carolina, Virginia, Gulfport, New Orleans, Port Lavaca, St. Bernard, Portland (OR), Hueneme, Los Angeles, Redwood City, San Diego, Stockton July 31 Port Arthur Canaveral, Everglades, Miami, Alabama, Freeport, Orange September 30 (TX), Long Beach Greater Baton Rouge, Corpus Christi, Houston, Greater Lafourche, Lake Charles, Seattle, Vancouver USA, Cleveland December 31 // Halifax (CAN), St. John’s (CAN), Thunder Bay (CAN), Vancouver (CAN) A special appreciation is extended to FY 2006’s 39 contributing ports (of which 35 were U.S. and 4 were Canadian). The response rate for U.S. ports was 41 percent – namely, 35 responded out of a total of 85 AAPA U.S. members. The response rates for the last report, FYs 2004 & 2005 combined, were 36 percent and 38 percent, respectively. To put this report’s response rates in context, the 35 U.S. respondents represented – • 18 out of the top 30 U.S. container ports in 2006, • 17 out of the top 30 U.S. ports in 2006 handling foreign and domestic waterborne cargo. The report is available on the Maritime Administration’s website (link to 2006 port finance survey). For further information, contact the Maritime Administration; Office of Intermodal System Development; 1200 New Jersey Ave., SE (#W21-201, MAR-540); Washington, DC 20590; tel: 202-366-2320; fax: 202-366-6988; or email: [email protected]. 1 PUBLIC PORT FINANCE SURVEY FOR FY 2006 39 PARTICIPATING PORTS NORTH & SOUTH ATLANTIC GULF Maryland Port Administration Alabama State Port Authority (Baltimore) Greater Baton Rouge Port Commission Massachusetts Port Authority (Boston) (LA) Philadelphia Regional Port Authority Port of Corpus Christi Authority (TX) (PA) Port of Freeport (TX) Port of Richmond (VA) Port of Gulfport (Mississippi State Port Port of Wilmington (DE) Authority) Canaveral Port Authority (FL) Port of Houston (TX) Port Everglades (FL) Greater Lafourche Port Commission (LA) Port of Miami (FL) Lake Charles Harbor/Terminal District (LA) North Carolina State Ports Authority Port of New Orleans (LA) South Carolina State Ports Authority Orange County Navigation Port District Virginia Port Authority (TX) Port of Port Arthur (TX) NORTH & SOUTH PACIFIC & GREAT Port of Port Lavaca/Point Comfort (TX) LAKES (includes Canada) Port of South Louisiana (LA) Port of Portland (OR) St. Bernard Port, Harbor & Terminal District Port of Seattle (WA) (LA) Port of Vancouver USA (WA) Port of Hueneme (CA) Port of Long Beach (CA) Port of Los Angeles (CA) Port of Redwood City (CA) San Diego Unified Port District (CA) Port of Stockton (CA) Cleveland-Cuyahoga County Port Authority (OH) Vancouver Port Authority, BC (CAN) Halifax Port Authority, NS (CAN) St. John’s Port Authority, NL (CAN) Thunder Bay Port Authority, Ont. (CAN) 2 DEFINITIONS OF TERMS OPERATING STATUS Ports can be categorized by their type of operation: non-operating, operating, and limited- operating ports. Non-Operating Ports Basically landlord ports with all port facilities generally [NONOP] leased or preferentially assigned with the lessee or assignee responsible for operating the facilities. Operating Ports Generally provide all port services except stevedoring [OP] with their own employees including, but not limited to, loading and unloading of rail cars and trucks and the operation of container terminals, grain elevators, and other bulk terminal operations. Limited-Operating Ports Lease facilities to others, but continue to operate one or [LTDOP] more facilities with port employees. These operated facilities may be specialized terminals, such as grain elevators, bulk terminals, container terminals, etc. PORT TYPE: U.S. vs. Canadian. U.S. Canada U.S. public ports generally fall into the The Canadian port industry following categories: Bi-State Authority; experienced significant changes in State Department, Agency, or Authority; FYs 1998 and 1999 with the County Department or Authority; passage of the Canada Marine Act Municipal Agency; or Special Purpose (Act). Changing the relationship of Port/Navigation District or Authority. ports with the Crown, the Act now The classification of the ports into these requires the designated Canada Port categories is based on their current Authorities (CPA) to pay annual ownership and status. For the purpose stipends to the federal government of this report, special purpose and payments in lieu of taxes to local port/navigation districts and authorities governments, in addition to are separate local government becoming subject to greater public organizations that generally are granted scrutiny and accountability. Unlike separate taxing authority with some many of their U.S. counterparts, statutory limitations. CPAs neither have taxing authority unto themselves nor do they have access to any federal funding. They are financially self-sufficient entities governed by a Board of Directors comprised of nominees from port user groups and the three levels of government (Municipal, Provincial, and Federal). CPAs operate port facilities as agents of the Crown for core business activities and are independent of the Crown for non- core activities. 3 RATIOS USED IN REPORT The ratios presented in this report are among the major categories of ratios used in financial statement analysis and measure operating performance, short-term liquidity, return on investment, capital structure, and asset utilization. Since there are no established benchmark industry standards, the ratios presented can best be interpreted by comparison with past ratios of the same port or comparison with other ports having the same characteristics of operation and financing. Ratios which measure operating performance include operating ratio, operating margin, net income to operating revenue (gross sales), and operating income to operating revenue (gross sales). Although not formally adopted as a benchmark in MARAD’s 1997 publication, An Analysis of U.S.
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