Oct. 30, 2023
Port of Pensacola Announces Steady Cargo Growth and Financial Achievement for Fiscal Year 2023
The Port of Pensacola is proud to announce significant achievements in cargo handling and financial results for fiscal year 2023.
The Port of Pensacola’s historic highs of 2022 continued with cargo activity marking a 17% increase, complemented by a consistent 2.3% growth in annual cargo tonnage from the previous fiscal year. This moderate yet promising uptick, amidst the global decline in shipping volumes and heightened costs, underscores the strategic benefits recognized by businesses that partner with the Port of Pensacola.
“The past year saw the port achieve steady cargo growth, even amid economic challenges and unprecedented inflation,” Port Director Clark Merritt said. “Our dedicated team at the port stayed actively engaged with the 23 diverse businesses we serve, ensuring smooth operations and addressing challenges swiftly. We refined our approach with established port cargo operators like Cemex and GE Wind Energy Power Systems, and we're thrilled to pave the way for innovative ventures like American Magic Sailing — which is gearing up to launch a high-performance training center in the heart of the port.”
The Port of Pensacola, an enterprise of the City of Pensacola without reliance on taxpayer funds, fortified its financial position through a strategy of cost optimization and efficiency improvements. By achieving a 17.06% growth in revenues and simultaneously implementing measures to reduce operational expenses by 11.7%, the port effectively increased its profitability in 2023.
From October 2022 to September 2023, the port handled 870 million pounds of cargo — a 2.3% climb from the previous fiscal year. Additionally, the port welcomed 50 deep draft vessel calls, a surge of 8.6% compared to 2022.
“As recent events prove, the Port of Pensacola is well on its way to remaining a strong deepwater cargo port with an eye on the future,” Mayor D.C. Reeves said. “In redeveloping the port, especially the northeastern side, high tech operations like American Magic and similar companies can succeed and thrive. My administration is dedicated to attracting such ventures and businesses to Pensacola, and the continuous achievements at the port solidify the city’s ability to compete on a global stage.”
To learn more about the Port of Pensacola, visit portofpensacola.com.