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20 April 2006
(St. John’s, NL). Upon the recent completion of its $24-million Port Redevelopment Program, the Port of St. John’s has set three new records: in gross revenue; cargo volumes; and vessel arrivals.
“Most significantly, we are very pleased to report that 2005 saw the highest gross revenues in the history of the SJPA and its predecessor entities,” said Sean Hanrahan, President & CEO of the St. John’s Port Authority.
“The continued growth experienced in several market segments is a direct result of the hard work and dedication of the SJPA’s private sector partners as they continue to contribute significant economic benefits to the city, region, and province in the form of jobs, taxes, and other revenue,” he said. “The Port of St. John’s will continue to be a leader in the economic growth of Newfoundland and Labrador and will ensure that we work hard to seize new opportunities in order to maximize the Port’s potential for all users.”
1. FINANCIAL PERFORMANCE
In 2005, the SJPA attained its all-time highest gross revenue: $4.482 million; an increase of 9.5% over 2004’s revenues. Net income derived from this revenue amounted to $0.381 million. The SJPA derives all revenues solely from its operations, and reinvests all earnings into Port infrastructure and operations.
As a result of the SJPA’s effective stewardship of the Port’s infrastructure, and the invaluable endeavours of the Port community, the Port of St. John’s has an economic impact on the province of $278-million per annum, with an associated 3,157 direct and indirect jobs.
2. CARGO VOLUMES
Leading the growth in cargo in 2005 was the General Cargo category (comprised of automobiles, break bulk, containers, and trailer traffic) which experienced an increase of 0.5% over 2004’s record performance. Since the Port of St. John’s became a Canada Port Authority seven years ago, General Cargo has increased by nearly 20 per cent. Oceanex operations at the Port’s Main Terminal remains a significant contributor with more than 43% of total waterbourne cargo handled at this location.
3. VESSEL ARRIVALS
An all-time record of 1,250 vessels entered the Port of St. John’s in 2005.
“In addition to offshore-related cargo itself, 512 of the 1,250 vessel arrivals were oil industry related: an increase of 4% percent over the previous year,” said Hanrahan. “Location, access, flexibility, service, and advanced infrastructure are just some of the many reasons why leading oil companies make the Port of St. John’s their home base for supply and service.”
4. CRUISE SHIP INDUSTRY
In 2005, the Port of St. John’s hosted 11,904 cruise passengers: a 50% increase over 2004. 20 cruise vessels are scheduled to visit the Port in 2006.
5. NEW TENANTS
2005 also saw the first full year of operation of The Keg Steakhouse & Bar, a tremendous complement to the public space at Pier 7 and to the community at large.
Late in 2005, the SJPA welcomed the Centre for Marine CNG Inc. to Pier 21 on the Southside Road. The Centre is the world’s first research and development corporation for large-scale marine transportation of compressed natural gas.
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For further information contact:
Sean Hanrahan, LL.B.,
President & CEO
St. John’s Port Authority
Telephone: (709) 738-4780
Facsimile: (709) 738-4784
E-mail: info@sjpa.com