In his monthly financial report, CEO Alec G. Dreyer said PHA saw a slowdown in July in its leading indicator cargo—container volumes—but consistent and strong improvement in its lagging commodities—particularly steel.
Steel continues to methodically improve, with a welcome increase in steel activity during July this year, in fact, the highest month for steel that PHA has seen since March 2009.
He characterized PHA's performance over the past four months as symptomatic of the broader economy, with strong months alternating with some weak months – "as if the recovery can't quite get its legs underneath itself," he said.
At PHA's breakbulk facilities, ship arrivals were up a strong 27 percent over last year, and even though ship arrivals were down 3 percent at PHA's container facilities, overall year-to-date arrivals have improved by nearly 3 percent.
"The good news for our local economy is that container tonnage is up a strong 8 percent year to date," Dreyer said. "The real vibrancy of this recovery will be measured by the last five months of this year. We expect overall growth in container tonnage for 2010 to end up in the high single digits by year-end."
