Jaxport Post Another Revenue Record

March 17, 2008
PETER T. LEACH

The Jacksonville Port Authority released its fiscal 2007 annual report showing the seventh consecutive year of growth in operating revenue despite declines in container throughput and breakbulk shipments

The Port of Jacksonville, known as Jaxport by the locals, earned $39.9 million in operating revenue in fiscal 2007. Revenue increased by $1.41 million or 3.7 percent year over year.

Jaxport terminals handled 8,309,201 tons of cargo and experienced gains in vehicle and other roll-on, roll-off cargo, as well as growth in bulk cargoes.

Throughput of vehicles — primarily passenger cars, trucks and heavy equipment — grew 4 percent, with 614,647 total units.

Bulk cargoes, including crushed limestone and other aggregates, increased to 2.3 million tons, reflecting a 2 percent increase.

Breakbulk cargoes — which include lumber, paper, steel, poultry and other non-containerized commodities — declined 4 percent to 1.2 million tons.

Containerized cargoes — primarily consumer goods — plummeted 11 percent to 3.6 million tons, or 710,073 TEUs. This was largely a result of the two-year recession and increased sales tax in Puerto Rico.

The port authority went from a decrease in net assets of $10.3 million in fiscal 2006 to a $3 million net increase in fiscal 2007. The positive change in net assets was driven by a 3.7 percent increase in operating revenue, a 6.6 percent decrease in operating expenses, a nearly $5 million drop in non-operating expenses and a more than $4 million boost in capital contributions.

Non-operating expenses in fiscal 2007 were $546,000, down from $5.5 million the prior year, which saw a $5.3 million asset impairment charge. Capital contributions in 2007 of $4.6 million, up from $538,000 in the previous year, reflected increased grant funding for construction projects.

Jacksonville’s Asia cargo volumes were only 4 percent of the total during the fiscal year, but that figure is certain to change when the new TraPac container terminal for Japanese carrier MOL starts operations by the end of this year with plans to handle 350,000 TEUs the first year, increasing to 800,000 TEUs annually