Six-Month Revenue Report:
Cruise Traffic Driving Economic Growth at Broward County's Port Everglades Legend Joins Cruise Fleet for 2002-2003 Season
June 05, 2002

PORT EVERGLADES, Fla. (June 5, 2002) - A six-month revenue report released by the Broward County Department of Port Everglades indicates that recent world events have not hindered the seaport's revenues despite earlier concerns. According to the report, which studied revenues from Oct. 1, 2001 through March 31, 2002, revenues at the port increased 11 percent from $42.8 million for the first six months of fiscal year (FY) 2001 (ending March 31, 2001) to $47.4 million in the first six months of FY2002. This increase is due mainly to a $3 million increase in cruise revenue.

"Business diversity is the key to Port Everglades' success," says Broward County Commissioner Josephus Eggelletion, Jr., the commission's liaison to the Port Department. "We knew that the tragic events of September 11 and other worldwide conditions would impact some areas of the port. However, other areas such as cruise compensated for any shortfalls and even surprised us by continuing on track to meet last year's projections."

Port Everglades is a diverse seaport with several revenue-producing centers including cruise, containerized cargo, petroleum, bulk and break bulk cargoes, real estate, a Foreign Trade Zone, parking and the military. The port department is a self-supported Enterprise Fund governed by the Broward County Board of County Commissioners. Generated revenues are used for port operations and capital improvements.

Revenue from cruise ship traffic at Port Everglades increased 24 percent from $12.5 million to $15.5 million during the first six months of FY2002 compared to the same time period in FY2001. Passenger counts have increased from 1.76 million guests in FY2001 to 2.0 million guests in FY2002 during the same time period.

"Port Everglades has more cruise ships this year than last and more guests taking advantage of the lower fares offered by the cruise lines," says Carlos Buqueras, Port Everglades Director of Business Development/Cruise. Fifty-two cruise ships called at the port this cruise season. "We hope that many of these guests were first-time cruisers who will want to repeat their cruise experience for the future vacations."

Containerized cargo revenue held steady at $8 million despite minor decreases in tonnage and TEUs (20 Equivalent Units, the standard measuring unit for containerized cargo). Tonnage decreased from 2 million tons during the first six months of FY2001 to 1.8 million tons in FY2002. TEUs decreased from 323,901 FY2001 to 283,421 in FY2002 during the same time period. However, revenues from bulk and break bulk cargoes increased by $132,134 and $178,572 respectively.

Petroleum suffered a slight decline of 2.4 percent as a result of decreased air traffic and less demand for aviation and jet fuel. Revenue decreased from $9.67 million during the first six months of FY2001 to $9.43 million in FY2002. Total barrels for the same time period decreased from 60 million in FY2001 to 57 million in FY2002.

The port's non-waterborne business centers also remained steady with increases in real estate, parking and the Foreign Trade Zone. Most significantly was a 31 percent or $976,768 increase in parking revenue, which was attributed mainly to the increased number of cruise passengers and the greater availability of parking spaces in the new Midport parking garage.

Port Everglades, located in Broward County between the cities of Fort Lauderdale and Miami, is one of the world's busiest cruise ports and the 12th largest container port in the United States. The port provides approximately 10,000 direct jobs and generates $545 million in personal income annually in the region.

For further information about Port Everglades, please contact Business Development Director Carlos Buqueras at (954) 523-3404 or portevergladescruise@broward.org. More information also can be found on the Internet at www.broward.org/port.