HOUSTON, Sept. 20, 2011 (GLOBE NEWSWIRE) -- The Port Commission of the Port of Houston Authority has awarded a financial advisory services contract to BMO Capital Markets in connection with its Woodhouse Terminal.
The action was taken during a special meeting Monday. The Port Authority is exploring opportunities for optimizing the value of the facility.
Terms of the contract will call for a services fee not to exceed 1 percent of a transaction amount up to and including $60 million, and 1.5 percent for transaction proceeds exceeding $60 million. The fee minimum is $475,000 and the maximum is $2.4 million.
About the Port of Houston Authority
The Port of Houston Authority owns and operates the public facilities located along the Port of Houston, the 25-mile-long complex of diversified public and private facilities designed for handling general cargo, containers, grain and other dry bulk materials, project and heavy lift cargo, and other types of cargo. Each year, there are more than 7,700 vessel calls at the port, which ranks first in the U.S. in foreign waterborne tonnage and second in overall total tonnage. The port authority plays a vital role in ensuring navigational safety along the Houston Ship Channel, which has been instrumental in Houston's development as a center of international trade. The Barbours Cut Container Terminal and Central Maintenance Facility are the first of any U.S. port facilities to develop and implement an innovative Environmental Management System that meets the rigorous standards of ISO 14001. The second recertification of those facilities in 2009 included an extension for the state-of-the-art Bayport Container Terminal. The port authority is the first port authority in the world to receive ISO 28000:2007 certification for its port police and the perimeter security operations at both the Barbours Cut and Bayport Terminals. Additionally, the port is an approved delivery point for Coffee "C" futures contracts traded on the New York Board of Trade's Coffee, Sugar & Cocoa Exchange. For more information, please visit www.portofhouston.com.
To access the port's Web site photo gallery, please visit http://www.portofhouston.com/publicrelations/publicrelations.html and click the link for Port Authority Photo Gallery.
The Port of Houston Authority logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=720