Port of Jacksonville poised to attract new ocean cargo carrier calls
April 18, 2014
The U.S. Army Corps of Engineers issued a final Chief’s Report approving the Jacksonville Harbor Deepening Project, clearing the way for congressional authorization in an upcoming Water Resources Development Act.
The good news comes in the wake of recent Fitch Ratings affirming its “A” rating on the Jacksonville Port Authority, Florida’s (JaxPort) last month.
The affirmation reflects continued stable performance anchored by growing container throughput and sizable contractually guaranteed revenues from existing long-term tenants that limits the port’s exposure to operational risk, said Fitch. The rating also reflects the port’s adequate liquidity as well as rapid amortization profile with no additional planned parity debt issuances. Fitch also noted that the port benefits from a strategic location with improving intermodal connectivity and infrastructure and maintains its niche importance in the international automobile trade.
Nevertheless, Jaxport operates in a highly competitive Southeast Atlantic region for cargo and cruise activities with moderately trade exposure with Latin America and the Caribbean markets, added Fitch.
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