Port reports stronger-than-expected revenues, new shiploader arrival and cargo updates
April 22, 2024 | Associated Branch Pilots for the Port of Lake Charles, Boards & Commissions, Organizations, Executive, Louisiana
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Port finance and operations staff provided routine updates April 22 showing favorable early-year results, incoming grant receipts and equipment deliveries.
Cameron presented three-month results ended March 31: revenues of about $11.3 million (favorable roughly $100,000), expenses of $8.4 million (favorable roughly $100,000), and cash flow of $3.6 million. Forecast 1 projects full-year revenues near $47.3 million (favorable about $1.1 million) and projected cash flow around $16.0 million. Staff attributed revenue gains to higher LNG tonnage and increased lease income.
On grants and funds, finance staff said FEMA GOSEP funds continue to be received, citing a recent $1.5 million receipt and an earlier $7.7 million receipt. The port is evaluating replacement accounting software as the current system will be sunsetting and expects a submission to the board regarding that change.
Operations reported recent cargo handling at City Docks including aluminum hydrate, sodium hydrosulfide, petcoke and barite volumes and upcoming shipments. Engineering reported the long-delayed petcoke shiploader arrived at BT 1; crews are dismantling shipping assemblies and expect about a month of commissioning before it becomes operational.
Staff also said a Japanese company is interested in exporting wood chips (and possibly logs) from Lake Charles and that a test shipment will be considered if space is available; staff will pursue further engagement at upcoming Breakbulk and Offshore Wind conferences.
What’s next: staff will monitor equipment commissioning, continue grant management and bring any required software procurement submissions to the board.
Cameron presented three-month results ended March 31: revenues of about $11.3 million (favorable roughly $100,000), expenses of $8.4 million (favorable roughly $100,000), and cash flow of $3.6 million. Forecast 1 projects full-year revenues near $47.3 million (favorable about $1.1 million) and projected cash flow around $16.0 million. Staff attributed revenue gains to higher LNG tonnage and increased lease income.
On grants and funds, finance staff said FEMA GOSEP funds continue to be received, citing a recent $1.5 million receipt and an earlier $7.7 million receipt. The port is evaluating replacement accounting software as the current system will be sunsetting and expects a submission to the board regarding that change.
Operations reported recent cargo handling at City Docks including aluminum hydrate, sodium hydrosulfide, petcoke and barite volumes and upcoming shipments. Engineering reported the long-delayed petcoke shiploader arrived at BT 1; crews are dismantling shipping assemblies and expect about a month of commissioning before it becomes operational.
Staff also said a Japanese company is interested in exporting wood chips (and possibly logs) from Lake Charles and that a test shipment will be considered if space is available; staff will pursue further engagement at upcoming Breakbulk and Offshore Wind conferences.
What’s next: staff will monitor equipment commissioning, continue grant management and bring any required software procurement submissions to the board.
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