JAXPORT earned $53.1 million in operating revenues in FY 2013, a 2.4 percent increase over FY 2012 and the port’s 13th consecutive year of operating revenue growth. Strong expense side management allowed JAXPORT to reduce operating expenses to $28 million in FY2013 from $30 million in FY 2012, a 7 percent decrease. At the same time, operating income in FY 2013 rose 15 percent to $25 million from $21.7 million in FY 2012.
Successes include a continued rebound of automobile and other roll-on/roll-off cargoes and an increase in cruise-related revenues based on a new contractual agreement
In addition, JAXPORT improved its balance sheet by reducing overall debt by $28 million and improving debt service coverage ratios.
These financial results reflect JAXPORT’s positive year operationally with another record set in container volume. JAXPORT facilities moved a record 926,810 containers or twenty-foot equivalent units (TEUs) in FY 2013. Container volume has grown 33 percent since 2008, making JAXPORT one of the few U.S. seaports to experience growth even through the recent global economic downtown.
When combined with the volumes from private users of the harbor, Jacksonville maintains its rank as Florida’s number one container port.
A total of 8.2 million tons of cargo shipped through JAXPORT facilities in FY13 and the port saw 1,933 vessels calls in the same period. The rebound in vehicle volumes (630,697) continues taking JAXPORT to near pre-recession levels.
Moody’s Investors Service recently assigned JAXPORT a financial rating of “A2” while Fitch Ratings assigned JAXPORT a rating of “A.” Both agencies noted that despite challenging economic conditions, JAXPORT maintained its competitive position as a strategically located container port, its status one of the nation’s largest vehicle processing centers, and its diverse revenue streams supported by long-term contracts with private tenants.
JAXPORT has a significant capital program planned for FY 2014, much of funded through state and federal grants. These projects include Wharf Rehabilitation projects at Blount Island and Talleyrand Terminals, Mile Point Improvements, the Intermodal Container Transfer Facility at Dames Point, two new Container Cranes, and Spoil Site Improvements at Bartram Island.
Read more in JAXPORT's FY13 Annual Report, or call us at (904) 357-3097 to request a high resolution copy bound and printed on recycled paper.