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Galveston, TX – June 15, 2020 – After setting all-time revenue records in 2018, the Galveston Wharves broke those records in Fiscal Year 2019 with a 19-percent increase in revenues and a 52-percent increase in net income.
The port’s Fiscal Year 2019 Comprehensive Annual Financial Report (CAFR), adopted recently by the Galveston Wharves Board of Trustees, showed total revenues of $51 million and net income of $12 million. The port also ended the year with unrestricted cash reserves of more than $14 million.
Board Chairman Albert Shannon said, “The port’s continued focus on revenues, efficiencies and business diversity have contributed to another year of record-setting revenues.”
Port Director Rodger Rees added, “2019 was a momentous year for Galveston Wharves. We reached a number of major milestones through the vision and guidance of our board and the diligence of our staff and numerous port partners.”
CAFR financial highlights include the following:
Busier Waterfront: A total of 1,023 ships called at the port, a 22-percent increase over 2018. In 2019, cargo ships were up 8 percent, cruise ships were up 11 percent and lay ship calls were up 52 percent.
Cargo Growth: One of the busiest in Texas, the Port moved 4 million tons of cargo in 2019, including 163,724 tons of wind and general cargo, up 41 percent compared to 2018.
Cruise Growth: The port set a new record of more than 1 million cruise passengers in 2019, its 20th year as a cruise homeport for major cruise lines Carnival, Disney and Royal Caribbean.
More Lay Ships: The port docked 377 lay ships and collected $3.4 million in dockage fees.
This year’s report will be submitted to the Government Finance Officers Association of the United States and Canada (GFOA) to determine if it meets the reporting requirements to be awarded a Certificate of Achievement for Excellence in Financial Reporting. The Certificate of Achievement is a prestigious national award that recognizes conformance with the highest standards for preparation of state and local government financial reports. The port has received this award for 25 consecutive years.
View the 2019 CAFR on the Galveston Wharves website: www.portofgalveston.com/business/reports/2019CAFR
About Galveston Wharves @t Port of Galveston
Perfectly situated at the entrance to Galveston Bay and the Houston Ship Channel, Galveston Wharves has been a thriving maritime commercial center since 1825. Just 30 minutes from open seas, the 720-acre port has infrastructure and assets to serve growing cruise, cargo and commercial businesses. As the fourth busiest U.S. cruise port, it welcomed over 1 million cruise passengers in 2019. Also one of the busiest in Texas, the port moved 4 million tons of cargo in 2019 and has an estimated annual state economic impact of $2.1 billion.