Sat 8.00 - 12.00

Mon - Fri 8.00 - 17.00

Call Us Anytime

+84-28 3636 9684

An Phu Ward, Thu Duc Dist., Ho Chi Minh City

SAV1 - 03.02, The Sun Avenue, 28 Mai Chi Tho St

Port of Long Beach sets US$760 million budget for 2025

The Long Beach Board of Harbor Commissioners has approved a US$760 million budget for the Port of Long Beach for the 2025 fiscal year, setting a plan in motion to fund new capital improvements in rail, zero-emissions initiatives, and other infrastructure projects.

Later this year, the budget will be sent to the Long Beach City Council for approval. It includes a record US$25.8 million transfer to the City’s Tidelands Operating Fund, which supports quality-of-life projects along Long Beach’s 7-mile coastline, enhancing shoreline safety, cleanliness, water quality, facilities, and other amenities.

“This budget reflects our values, balancing serving as an economic engine for our city and region and growing responsibly while limiting environmental impacts. We are optimistic about the year ahead and this spending plan builds our competitive advantages for the green future,” stated Mario Cordero, CEO at Port of Long Beach.

The Port’s budgeted spending for the 2025 fiscal year, which begins on 1 October, is 19.5% higher than the budget adopted last year. This increase is largely attributed to infrastructure projects like the Pier B On-Dock Rail Support Facility, which is set to break ground this year, and the proposed Pier Wind. If approved, Pier Wind would become the largest facility in the United States specifically designed for assembling offshore wind turbines.

Operating revenue is projected to be 6.8% higher than last year’s budget.

“Because trade, construction and tourism support 51,000 jobs in Long Beach – or one in five jobs – it’s important we stay focused on attracting business, building for the future and moving cargo sustainably. This budget advances these goals by leveraging our stable financial strength as a top gateway for global commerce,” commented Bobby Olvera Jr, president of the Harbor Commission.

Next year’s proposed capital budget totals US$368.3 million, representing a 47.2% increase from the previous year. Of this amount, US$204.9 million is allocated for the Pier B project, which will commence this summer. Pier B aims to shift more cargo to “on-dock rail,” facilitating the transport of containers to and from marine terminals by train. This method is cleaner and more efficient, reducing truck traffic, with no cargo trucks visiting the facility. The Port of Long Beach boasts one of the nation’s most comprehensive seaport infrastructure programs.

The budget also includes approximately US$25 million in Clean Truck Fund subsidies to support the transition of the heavy-duty truck fleet to zero emissions. The Port of Long Beach has set ambitious goals of achieving a zero-emissions cargo-handling fleet by 2030 and zero-emissions trucking by 2035.

Additionally, the Board increased the allocation for the Community Sponsorship Program from US$2 million to US$3 million. This program helps the Port of Long Beach engage with and inform local community members about Port operations and initiatives.

It is important to note that as the City’s Harbor Department, the Port of Long Beach does not rely on tax revenue to support its operations.

Source: Container News

Previous Post

NOTIFY PARTY in Shipping – Everything You Wanted To Know

Next Post

Telex Release – Everything You Wanted to Know