Financials
JAXPORT earned $51 million in operating revenues in FY 2011, a slight increase over FY 2010 and the port’s 11th consecutive year of operating revenue growth. Strong expense side management allowed JAXPORT to reduce operating expenses from $32 million in FY 2010 to just over $31 million in FY 2011. At the same time, operating income in FY 2011 rose to $19.8 million from $18.6 million in FY 2010 due to reduced dredging expenses.
These financial results reflect JAXPORT’s positive year operationally with additional records set in container volume and vessel calls. JAXPORT facilities moved a record 900,433 containers or twenty-foot equivalent units (TEUs) in FY 2011. Container volume has grown 29 percent since 2008. When combined with the volumes from private users of the harbor, Jacksonville is now Florida’s number one container port.
A total of 8.1 million tons of cargo shipped through JAXPORT facilities in FY11 and vessel calls rose to a record 2,030. In addition, JAXPORT saw a 10 percent increase in breakbulk cargoes (paper, steel) and maintained vehicle traffic and its spot as the nation’s second busiest vehicle-handling port.
In 2011, Moody’s Investors Service 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 container port, its status as the nation’s second largest vehicle processing center, and its diverse revenue streams supported by long-term contracts with private tenants.
JAXPORT has budgeted $122.9 million for capital projects in FY 2012. This includes wharf rehabilitation projects at Blount Island and Talleyrand Terminals, Mile Point improvements, and spoil site improvements at Bartram Island.
Read more in JAXPORT's FY11 Annual Report, or call us at (904) 357-3080 to request a high resolution copy bound and printed on recycled paper.
