Maryann Q. Lizama, manager/harbor master for the port of Saipan, said seaports on Tinian and Rota are also struggling but the pressure is on Saipan to produce revenues because it is the main port where they get payments for the Commonwealth Ports Authority’s bond indenture.
“With the economy right now, everybody is in survival mode. The port here, those on Tinian and Rota, are also in survival mode. The commodities needed for the islands, for the people, they still come in but there are percentage lost in terms of revenue tons,” Lizama said in an interview on Tuesday.
The seaport generates revenues through passenger and cargo traffic.
During the Saipan garment industry’s peak, cargo shipment was very active at the main port as raw materials from overseas and finished products were shipped regularly to the U.S.
CPA issued a Senior Series-A tax-exempt revenue bond on Sept. 21, 2005 amounting to $7.225 million with an annual interest rate of 5.5 percent.
The bond money was used to pave the container yard area of the Saipan seaport.
In 1998, CPA, issued a Series-A $33.775 million tax-exempt revenue bond in to finance different projects at Saipan’s international airport and seaport.
Lizama said complying with their bond indenture payments remains their priority.
She said they are still able to meet their yearly payments to the bond but certain things were sacrificed.
“We are able to pay it but we’re very cautious as to our expenditures. Again our primary responsibility is to the bond indenture,” she added.
At least 15 personnel run the Saipan seaport. In the past, the number was more than twice.
