The Port Commission of the Port of Houston Authority in the US has approved a new $275m budget for the fiscal year 2018.

The new ‘Fiscal Year 2018 Operating and Capital Budget’ is expected to receive funding from the port’s current operating cash flow.

Its new capital improvement programme comprises a series of strategic project investments, which are intended to support new growth opportunities at the port.

The budget also includes various recapitalisation initiatives to help sustain high service frequency, as well as improve productivity and channel development projects for expansion at container terminals and the dredged area material programme (DAMP).

In addition, the Port Commission has also authorised The Port of Houston Authority to raise tariff numbers 8, 14, and 15 from 1 January next year.

The increased tariff will be equal to the change in the consumer price index average for a 12-month period ending October this year, as published by the US Bureau of Labor Statistics on or about 15 November 2017.

The raised tariff is expected to allow Port Houston to remain competitive and continue to meet growing maritime trade demands.

The facility handled two million twenty-foot-equivalent units (TEUs) of cargo last month, a milestone that was first achieved by the port in 2015.

Port Houston aims to handle more than 2.4 million TEUs of cargos by the end of this year.

It also seeks to increase its total revenue by 9% compared to the 2017 mid-year forecast due to the higher volume of container cargos received by the port.

New resin production along the Houston Ship Channel is also expected to increase next year, which is anticipated to contribute to further growth at Port Houston.