According to the latest summary report, the seaport has been in receipt of 244,306.15 revenue tons of inbound cargoes to date.
For June, the seaport received 23,693.159 revenue tons of various inbound cargoes translating to $270,102 in income for the CNMI.
According to port’s latest report, revenue tonnage reached 23,693 last month, 4,553.51 revenue tons lesser than the same period last year.
A huge part of the revenues for inbound cargoes came from fuel and cement with 11,950.289 revenue tons for June. There was a decrease of 4,227.617 revenue tons compared to the same period last year when the port registered 16,177.9 revenue tons.
“Last fiscal year, we had 340,038 revenue tons. To date, for fiscal year 2011, we have 244,306 revenue tons,” said Maryann Q. Lizama, ports manager.
She said the over 244,306 in revenue tons do not cover the full fiscal year.
Based on the report, the port has four months to make up for the 94,732.312 revenue tons in difference to match last year’s overall revenue tonnage of 340,038.458.
From the start of the current fiscal year, the port’s inbound cargoes were: 27,977.67, October 2010; 38,977.24, November 2010; 28,560.61, December 2010; 21,820.35, January 2011; 21,869.37, February 2011; 21,564.22, March 2011; 26,1874.06, April 2011; 33,659.46, May 2011; and 23,693.16, June 2011.
Of all the incoming commodities, throughput or fuel and cement comprise the biggest share of the total revenue tons of inbound cargoes received for the entire fiscal year totaling 113,184.82 revenue tons as of June.
General containers totaled 98,423.35 revenue tons while vehicles amounted to 4,058.05 revenue tons to date.
Compared to last fiscal year, the seaport received 148,009.33 revenue tons of throughput, 141,802.96 in general containers; and other cargoes totaled 50,226.62.
For the last fiscal year, the seaport earned a total of $3.88 million in wharfage fees.
Lizama said the port didn’t have much for outbound cargoes. There was a total of 16,585.64 revenue tons in outbound cargoes for fiscal year 2010. Compared to the last fiscal year, the port had only 9,775.37 revenue tons as of June.
Lizama said the vessels that make port calls are reported as outbound.
Although there was no drastic decline in the outbound figures, there was still a decrease.
Based on the report, there were more incoming cargoes than outgoing cargoes.
Asked if the port has been meeting its bond requirements, Lizama said, “Yes.”
The seaport’s bond ratio was 1.36 as reported during the June 3 CPA board meeting. CPA comptroller Derek Sasamoto said the seaport has always been in compliance with the bond indenture agreement.
Moreover, early this year, in reaffirming a BB- rating for the seaport’s approximately $33.5 million senior series 1998A and 2005A revenue bonds, Fitch acknowledged that CPA has historically exhibited strong cash flows and a healthy balance sheet but it stated port’s ability to return to historical financial strength will require sustained increase in wharfage rates that will have a dampening effect on demand and will increase prices of goods.
Fitch cited as CPA’s credit strengths the “essentiality” of the seaports for import of goods, management’s focus on effective containment of expenses, leverage of six times net debt to cash flow available for debt service and 48 percent cash to debt gives CPA flexibility to meet commitments.
