The Port of Hueneme in fiscal year 2013 achieved a record
$13.4 million in gross operating revenue, a 10.4 percent increase over fiscal
year 2012, according to the results of a recently completed financial audit.
Port CEO Kristin Decas and CFO Andrew Palomares submitted
the auditor’s report to Hueneme’s Board of Harbor Commissioners at its Oct. 28,
2013 business meeting.
In fiscal year 2012, the port moved 1.31 million metric
tons, but that jumped by 8.5 percent the following fiscal period, to 1.43
million. Overall total revenue jumped 12 percent year-to-year, rising from $12
million to $13.69 million, according to port data. Additionally, the port’s net
assets grew by $7.2 million in FY 2013, an increase from the previous year’s
$4.2 million.
Also according to the audit, expenses increased by $1.02
million, primarily a result of increased insurance costs and new accounting
requirements requisite to recording previously differed bond costs.
Audit numbers show that the Port of Hueneme realized best
year in volume since inception in 1937. The port says it attributes the record
year in large part to continued economic recovery at the national level, as
well as business retention and a sustained customer base.
Of specific importance was that the agricultural product
market, which the port relies heavily on, made strong returns in fiscal year
2013. The banana trade hit a peak year realizing an historic increase of 5.7
percent. Traditionally the banana business shows an inelastic response to
economic trends, but this year showed unprecedented increases. This in part
stemmed from the increased capacity of Del Monte ships and the transition of
Chiquita from a 10-day service to a weekly service.
Also, Del Monte’s dual use ships with roll-on/roll-off
capabilities allowed for increased cargo diversification and higher exports.
Yara fertilizer and environmental solution products
continued to see significant gains in market share increasing their cargo throughput
at Hueneme by nearly 24 percent. The port also saw growth in the handling of
other fresh fruit and vegetable commodities, with activity up about seven
percent in imports and a whopping 103.3 percent in exports.
“We are proud of our record and most pleased to see the
uptick in revenues, but recognize we are faced with climbing expenses and have
challenges ahead,” Decas said. “The increases in revenue at this time are vital
to replenishing our working capital reserves that have been depleted from the
investment in major capital projects, including the installation of shoreside power.”
The Port of Hueneme’s 2013 fiscal year ran from July 1, 2012
through June 30, 2013.
