Financial Reports

JAXPORT Financial Report 2018

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.

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JAXPORT earned a record $67 million in operating revenues in FY 2018, a 15 percent increase over the previous year. JAXPORT operating expenses were $39 million in FY18 and the port earned $27.7 million in operating income during the same period.

Successes include record-setting tonnage; record-setting container volumes due in large part to significant Asian container growth; recording-setting cruise passenger figures and strong vehicle 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 1.3 million containers or twenty-foot equivalent units (TEUs) in FY 2018.

When combined with the volumes from private users of the harbor, Jacksonville maintains its rank as Florida’s number one container port.

The continued addition of new container business from Asia resulted in
an 8 percent increase in TEUs in JAXPORT’s Asian container volumes over FY17, reflecting the port’s growing importance in this trade lane. JAXPORT’s Asian container cargo volumes have grown from 48,000 TEUs in 2009 to 429,000 TEUs in 2018 as global shippers have shifted rotations to take advantage of the efficiencies of the port’s facilities and location.

A record total of 10.5 million tons of cargo shipped through JAXPORT facilities in FY18, an increase of 12 percent over FY18, and the port saw 1,761 vessel calls in the same period, a 6 percent increase over the previous year.

Moody’s Investors Service reaffirmed JAXPORT’s financial rating of “A2” while Fitch Ratings reaffirmed JAXPORT’s “A” rating. Both agencies noted that JAXPORT continues to maintain 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 2019, much of it funded through state and federal grants. These projects include major wharf rehabilitation projects at Blount Island and improvements at both Dames Point and Talleyrand, as well as the next stages of deepening the Jacksonville Harbor to 47 feet.