The Port of Los Angeles, watching business fall across the board, has decided to reduce spending in 2009.
Earlier this year, the Harbor Commission was much more optimistic about its 2009 revenue stream and adopted a budget of $1.15 billion, nearing 15 percent above the 2008 fiscal year budget.
Port officials say they are reducing current spending by about $21 million because of cargo levels in coming months that they forecast will be off 20 percent to 30 percent from year-ago levels.
November’s volumes were significantly lower than those posted in October and November, 2007.
Loaded import containers in November totaled 338,905 TEUs, down 10.4 percent from the previous year and off from 370,987 TEUs in October.
Loaded export containers totaled 134,784 TEUs, down 3.9 percent on-year and from 143,471 TEUs in October. Total container traffic reached 660,046 TEUs, a decline of 10.4 percent from a year ago and down from 706,308 TEUs in October.
The Journal of Commerce Online
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