Port Everglades Celebrates Banner Year
Preliminary fiscal year-end figures show Port Everglades enjoying healthy increases in cruise, cargo and petroleum volumes resulting in record revenues.
"Port Everglades is one of Broward County's vital economic engines, which supports more than 11,000 local jobs. That is a direct result of the success of the amazing leadership at Port Everglades and diverse array of companies served by our port," said Broward County Mayor Nan Rich.
Port Everglades is a self-supporting enterprise fund of Broward County government and does not use local property taxes to operate. Instead, revenue for operations and capital improvements is generated from fees for services such as dockage, wharfage (volumes), real estate leases and other service fees. During Fiscal Year 2024 (ending September 30, 2024), Port Everglades earned a record unaudited $215,670,165 in revenue, up 18% from the previous budget year.
Setting a new cruise passenger record for the Florida turnaround port, Port Everglades welcomed more than 4 million embarking and disembarking guests in FY2024, a 39% increase over FY2023. Cruise guest parking revenue also increased by 46% bolstered by the port's new 750-space surface lot. A total of 889 ship calls, including 241 calls from Balearia's Caribbean ferry, generated nearly $77 million in revenue and parking generated another $13.8 million. Disney Cruise Line opened its second homeport at Port Everglades at the beginning of the fiscal year and joined Celebrity Cruises, Princess Cruises and Royal Caribbean International with year-round sailing itineraries, all of which contributed to the port's cruise growth.
Containerized cargo rose 7% over the previous year with 1,087,112 TEUs (20-foot equivalent units, the industry's standard container measurement) and almost $41 million in revenue. A highlight of the year, Port Everglades moved into the top 20% of ports worldwide for operational performance, climbing in the rankings from 89 to 65, according to the latest Container Port Performance Index (CPPI) developed by the World Bank and S&P Global Market Intelligence. Regionally, including the United States and Canada, Port Everglades claimed the No. 3 spot, up two spots from the 2022 report, and remains No. 1 in Florida. Contributing to this improved performance was the opening of the port's Southport Turning North Extension, which added five new berths, and the commissioning of three additional Super Post-Panamax container gantry cranes. As an example of the port's operational efficiencies, CMA CGM, a world leader in refrigerated ocean transport, selected Port Everglades as the only American port of call on its new CEIBA Express service.
Energy volumes remained steady with almost 130 million barrels of throughput, which translates to 5.46 billion gallons of mainly gasoline, diesel and jet fuel. While private companies operate the petroleum terminals, Port Everglades generates revenue from energy products through dock and volume fees, which came to a total of approximately $45 million.