JAXPORT earned $58 million in operating revenues in FY 2017, holding steady with the previous year. JAXPORT held operating expenses to $32 million in FY17 and earned $25.5 million in operating income during the same period.
In FY17, successes include record-setting tonnage; record-setting container volumes, due in large part to significant Asian container growth; recording-setting vehicle volumes and increased dry bulk cargo volumes. These advances have helped continue to prompt well-known brands and international industry leaders to establish and consolidate operations in Jacksonville.
The past year’s financial results reflect JAXPORT’s positive year operationally. JAXPORT facilities moved a record 1 million containers or twenty-foot equivalent units (TEUs) in FY 2017. When combined with the volumes from private users of the harbor, Jacksonville maintains its rank as Florida’s number one container port.
JAXPORT recorded 19 percent growth in Asian container shipments in FY17, moving nearly 400,000 TEUs. The Asian container trade is the fastest growing segment of JAXPORT’s container cargo business, accounting for 39 percent of the port’s total container business in 2017, up from just 24 percent in 2013. The federal project to deepen the Jacksonville harbor to accommodate increased cargo aboard the largest ships successfully got underway in February 2018.
A record total of 9.3 million tons of cargo shipped through JAXPORT facilities in FY17, an increase of 7 percent over FY16, and the port saw 1,656 vessels call in the same period.
Moody’s Investors Service has 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 as 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 2018, much of it funded through state and federal grants. These projects include wharf rehabilitation projects and improvements to tenant leaseholds at Talleyrand Marine Terminal, the initial stages of construction of a new auto terminal to expand capacity and continuing on to the next stages of deepening the Jacksonville Harbor to 47 feet.