Board Resolution 09-001 was unanimously adopted by the six members who said CPA has to collect more revenues so it can comply with its bond debt service ratio.
CPA collects five different fees from seaport activities. Its current wharfage of $6 per revenue ton will now increase to $10.40 per revenue ton.
CPA Executive Director Efrain Camacho said the increase was based on the “current and actual” figures.
The new fees will take effect this month, he added.
Last Tuesday, CPA management and seaport stakeholders met to discuss the issue.
“They were very disappointed…but everybody understood the situation,” Camacho said.
A request by the stakeholders to defer the implementation of the new fees for seven days after the board’s approval was supported by the members.
Camacho said the stakeholders want to complete the shipping cycle of goods that are arriving on island this week.
He cannot give a projection on the potential revenue that CPA can generate from the fee increase.
“We are barely able to meet the debt service ratio of 1:25,” Camacho said.
The board resolution has to be signed by the governor and published in the Commonwealth Register.
The increase in seaport fees was considered as early as 2000 when a 5 percent hike was proposed every year.
However, previous boards failed to act on the proposal, resulting in the “huge” rate hike this year, Variety learned.
According to Camacho, the new fees will be evaluated after three months.
Because of the closure of the garment industry, CPA said its seaport revenue has declined by 60 percent.
