On the heels of a recent report showing Florida’s system of seaports experienced record-high cargo growth, the Port of Palm Beach is among those Florida seaports experiencing milestones in ships calling on the port, as well as record revenue.
For the first time in more than a decade, all berths at the Port of Palm Beach were occupied on February 1, with container ships, cargo ships, a cruise ship, barges, and yachts occupying space. Occupied berth spaces equate to added revenue for the Port.
“This achievement is unheard of in my 22-year tenure as a Port Commissioner,” Port of Palm Beach Board of Commission Chairman Wayne Richards said. “Internal figures from Fiscal Year 2023 reveal we saw an 11 percent increase in net operating revenue, coupled with a seven percent reduction in operating expenses, resulting in a $4.8M total net income. That is a $3.3M increase from the FY 2023 budget. (Updated Feb. 6, 2024).
Richards credits the additional revenue to operational changes related to the cruise industry and strategic improvements in the cargo areas.
"Under the direction of Executive Director Michael Meekins, port staff identified innovative strategies to further boost the port’s revenue and ensure the Port of Palm Beach remains a primary economic engine in Palm Beach County, the state of Florida and the region,” Chairman Richards said.
In FY 2023, the Port of Palm Beach experienced cargo growth in:
TEUs (Twenty-foot Equivalent Unit).
On the cruise side, the number of passengers traveling through Port of Palm Beach soared by 183 percent compared to prior fiscal year. The significant increase combined with changes in cruise operations, further added to the Port’s revenue success.
“As this year’s chair of the Board of Commissioners, I will continue to work with my fellow commissioners and the Executive Director to continue to drive our Port to new heights,” Chairman Richards said.