Committee chairman Benigno Sablan said the move was in line with CPA’s efforts to find additional revenues and fulfill the agency’s bond obligations.
Last month, Fitch Ratings downgraded CPA’s $34.3 million seaport revenue bonds to “BB-” from “BBB-” due to the continuous decline in CPA’s operating revenues that have weakened the seaport’s financial position.
Last fiscal year, seaports revenue was down by approximately 60 percent as a result of the garment industry’s collapse.
CPA expects to “suffer operating losses in the near term that will require the use of internal liquidity to sustain operations and meet debt service needs.”
According to CPA Chairman Jose Lifoifoi, the newly approved parking fee for taxis and buses is just one of the many ways they will try to generate additional money.
He said they will also increase other fees such as the wharfage fee which will go up by 20 percent — from $6 to $7.20 per revenue tonnage.
CPA will also impose a fee on empty containers stored at the seaport.
“We need to assess fees for these empty containers because these have been stored on our property without paying anything to the agency,” Sablan said. “It’s about time that we seriously look at this matter as this will help in our efforts to financially stabilize CPA.”
Sablan told the board’s legal counsel Jose Bermudes to draft a resolution regarding this issue.
Sablan added that the seaports facilities committee is also reviewing CPA’s franchise and lease agreements and will pursue money owed to the agency by certain companies and individuals.
