GATEWAY to the WORLD 2006 Jacksonville Port Authority Annual Report
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GATEWAY TO THE WORLD 2006 Jacksonville Port Authority Annual Report ABOUT JAXPORT VISION AND MISSION The Jacksonville Port Authority (JAXPORT) is an independent The vision of the Jacksonville Port Authority is to be a major eco- agency responsible for the development of public seaport facili- nomic engine in Northeast Florida by continuing to be a premier ties in Jacksonville, Florida. JAXPORT owns three cargo facilities diversified port in the Southeastern United States, with connec- and one passenger cruise terminal, all located along the St. Johns tions to all major trade lanes throughout the world. River: the Blount Island Marine Terminal, the Talleyrand Marine Terminal, the Dames Point Marine Terminal, and the JAXPORT The mission of the Jacksonville Port Authority is to contribute to Cruise Terminal. A network of privately-owned maritime facilities the economic growth and vitality of Northeast Florida by fostering also operates in Jacksonville's harbor. Cargo and cruise activity at and stimulating commerce through the Port of Jacksonville. The Jacksonville's seaport supports nearly 50,000 jobs and creates an mission will be accomplished through the effective and fiscally- economic impact of more than $2.7 billion annually for Northeast responsible planning, development, management and marketing Florida. of the port's assets and facilities. YEAR IN REVIEW This annual report proclaims JAXPORT to be Northeast Florida's Financially, JAXPORT is well-positioned to grow our position as a glob- "Gateway to the World." A closer look reveals our reasoning. al gateway. In FY 2006, for the third consecutive year, JAXPORT enjoyed record annual operating revenues ($38.4 million), a 13 percent increase Today, JAXPORT is the nation's No. 1 port for trade with Puerto Rico, the over the 2005 record ($34.0 million). Operating income before depreci- nation's second busiest vehicle handling port, and one of nation's top 15 ation and amortization grew 15 percent to $10.4 million. Meanwhile, container ports. In addition to existing cargo ship service to Africa, the cargo shipped through JAXPORT grew to a record 8.6 million tons in FY Caribbean, Europe and South America, JAXPORT customers will soon 2006, our sixth consecutive year of cargo growth. Also in FY 2006, enjoy direct container service with ports throughout Asia. Construction is Moody's Investors Services assigned JAXPORT a financial rating of "A2" now underway on a major new cargo terminal in North Jacksonville for while Fitch Ratings assigned JAXPORT a rating of "A." this very purpose. Against this strong financial backdrop, JAXPORT is well on its way to Few ports can match JAXPORT's strategic and geographic location in achieving its vision "to be a major economic engine in Northeast Florida Northeast Florida, with quick access to three interstate highways and by continuing to be a premier diversified port in the Southeastern United three major railroads leading to and from the U.S. hinterland. Cargo States, with connections to all major trade lanes throughout the world." imported through JAXPORT is now distributed to nearly every U.S. state. Welcome to JAXPORT: Gateway to the World. Meanwhile, passengers embarking in Jacksonville originate from all over the United States -- and a small percentage come from Canada, the United Kingdom and other countries. The number of passengers embarking here could eventually double or triple, with sailings to new ports of call. Jerry W. Davis Rick Ferrin Board Chairman Executive Director 2 GATEWAY TO THE WORLD/year in review 2006 BOARD OF DIRECTORS JAXPORT is governed by a seven-member Board of members. All current members originally were Directors. The Mayor of Jacksonville appoints four appointed in 2001 and were subsequently reap- Davis members, and the Florida Governor appoints three pointed to new terms. BOARD CHAIRMAN BOARD MEMBER 2007 Board of Directors Jerry W. Davis T. Martin Fiorentino, Jr. Tony D. Nelson Private Investor President, Fiorentino and Board Chairman Hewett Ricardo Morales, Jr. BOARD VICE CHAIRMAN Nelson Morales Board Vice Chairman Tony D. Nelson BOARD MEMBER Ambassador Marilyn McAfee President, First Coast Black Thomas P. Jones, Jr. Board Secretary Business Investment Private Consultant William C. Mason, Ed.D. Corporation Board Treasurer BOARD MEMBER Jerry W. Davis BOARD TREASURER William C. Mason, Ed.D. Board Member Ricardo Morales, Jr. Foundation Executive Director, Thomas P. Jones, Jr. McAfee Fiorentino Chairman, Morales Florida Community College at Construction Company, Inc. Jacksonville Board Member Vacant seat to be filled BOARD SECRETARY Board Member Ambassador Marilyn McAfee Foreign Service Careerist 2006 board of directors/GATEWAY TO THE WORLD 3 Jones Mason VITAL STATISTICS CONTAINERS 8,696,543* 138,289 05 4,167,382 8,448,654* 128,745 06 4,075,907 7,688,268* 7,301,016 BULK 7,119,121 05 2,388,706 06 2,203,249 85,382* VEHICLES 05 1,085,616 06 1,204,470 BREAKBULK 05 806,951 06 1,212,917 TOTAL 05 8,448,654 06 8,696,543 02 03 04 05 06 04 05 06 JAXPORT TONNAGE Cargo Tonnage Embarking Cruise (In Metric Tons) (In Metric Tons) Passengers *Port Record *Inaugural year of cruise service Total Tonnage (Imports + Exports) North America 9% · Central America 2% · South America 36% · Caribbean 41% · Asia 3% · Europe 8% · Africa 1% ORGANIZATION Board of Directors Rick Ferrin Executive Director Tony Orsini Ron Baker Chris Kauffmann Roy Schleicher Eric Green David Kaufman Senior Director of Cruise Deputy Executive Director Senior Director of Terminal Senior Director of Trade Senior Director of Government Senior Director of Planning Operations and Business and Chief Financial Officer Operations and Security Development and Marketing and External Affairs and Properties Development • Information Technology • Port Security • Cargo Services • Cruise Operations • Government Affairs • Planning and Properties • Corporate Administration • Terminal Operations • Tenant Relations • Cruise Line Marketing • Community Outreach • Environmental Management • Finance and Accounting • Market Research • Cruise Terminal Maintenance • External Affairs • Contract Administration & Procurement • ForeignT rade Zone • Engineering Services • Cargo Statistics Ferrin Baker Kauffmann Schleicher Orsini Green Kaufman The foundation of JAXPORT's continued success is its strong financial health. JAXPORT's competitive position as a container port, its status as one of the nation's largest vehicle processing centers, and its diverse revenue streams sup- JAXPORT earned a record $38.5 million in operating revenues in FY 2006, a ported by long-term contracts with private tenants. 13 percent increase over FY 2005 ($34.0 million) and the port's third consecutive year of record revenues. Operating expenses rose to $28 million, up from $25 JAXPORT's current major capital construction project is a new cargo facility now million the previous year. Operating income before depreciation and amortiza- being built in Northeast Jacksonville for Mitsui OSK Lines and the company's ter- tion grew to $10.4 million, up 15 percent from $9.0 million in FY 2005. minal operating arm, TraPac. The $200 million project, slated for completion in the fall of 2008, is primarily funded through special purpose facilities bonds These financial results reflect JAXPORT's solid year operationally. Total cargo backed by Mitsui, city excise tax bonds, and a low-interest loan from the State shipped through JAXPORT facilities grew to a record 8,696,543 tons in FY 2006, a Infrastructure Bank of Florida. three percent increase over last year's record 8,448,654 tons. This marks the sixth consecutive year of cargo growth at JAXPORT and the third straight year of record In addition to the Mitsui terminal, JAXPORT has budgeted approximately $50 tonnage. Also in FY 2006, a total of 128,745 passengers embarked on cruise ships departing the JAXPORT Cruise Terminal, down slightly from the 138,289 embarka- million for other capital projects in FY 2006-2007. tions in 2005, but up 50 percent over the 85,382 embarkations in 2004. In 2006, Moody's Investors Services assigned JAXPORT a financial rating of "A2" FINANCIAL HEALTH while Fitch Ratings assigned JAXPORT a rating of "A." Both agencies noted 8 GATEWAY TO THE WORLD/financial health Jacksonville's bustling seaport is one of Northeast Florida's largest eco- purchases made by port-related businesses; and $119 million paid in nomic engines. According to 2006 figures compiled by the Pennsylvania- state and local taxes by port businesses. based consulting firm Martin Associates, Jacksonville's seaport gener- ates nearly 50,000 direct and indirect area jobs. A separate economic impact study shows that the cruise industry supports more than 400 jobs in Northeast Florida and more than $40 million in Port jobs include everything from longshoremen, truck drivers and ware- annual economic impact. Jobs include those at the JAXPORT Cruise house workers to engineering specialists, legal consultants, maintenance workers, and hundreds of similar support positions. Approximately Terminal handling luggage, customer service, parking and security, as 7,000 of these positions are held by employees of private firms operat- well as jobs generated in the community to support passengers and crew ing directly at port terminals. An additional 43,000 jobs are held by area members, such as ground transportation and hospitality. workers throughout Northeast Florida who support those directly employed at port facilities. JAXPORT’s vision is to be a major economic engine for Northeast Florida. The Port Authority hosts a free “Port Jobs” website (www.jax- Additionally, Jacksonville’s seaport generates approximately $2.7 billion port.com), listing job openings available at dozens of maritime compa- in economic impact annually. This includes $1.3 billion of personal wages paid by port-related companies and re-spending by workers; nies doing business at the port. $743 million in business revenue generated by port-related companies; $258 million generated in U.S. Customs revenue; $239 million in local ECONOMIC IMPACT economic impact/GATEWAY TO THE WORLD 11 JAXPORT facilities recorded their busiest year ever in 2006, handling JAXPORT also made several significant business announcements in 2006.