Port Canaveral Is Expecting A Record-Breaking 2024
Port Canaveral is already planning on how it will top its record set in 2023 with its proposed budget for 2024.
The upcoming budget for the 2024 fiscal year, which begins October 1, 2023 and runs through September 30, 2024, forecasts an operating revenue of nearly $190 million. That figure should be close to the final 2023 revenue number that will be finalized at the end of this month.
“If you follow the numbers every month, it’s a new record right now,” said Port Canaveral CEO Capt. John Murray during the port commission meeting on Wednesday. “So we’re going to have a very successful year.”
Building on Record-Breaking 2024
When September is said and done, the port’s operating income will exceed its budget total of $180 million. That number blew away the record revenue of $122 million that the port brought in 2022.
Both numbers are miles ahead of the $35 million the port brought in in 2021.
Now with six completed terminals, Port Canaveral earned the title for the world’s busiest port by beating out PortMiami for the first time this year. Cruise traffic is projected to be the main driver for continued revenue growth.
Port Canaveral’s 2024 budget is calling for income of more than $187 million. That comes in about $7 million higher than the budgeted total for fiscal year 2023. Interestingly, however, the port has seen higher income every month this year than it had projected.
The Disney Cruise Line Boosts Its Presence
Of the 913 vessels expected to make call in Port Canaveral, 157 of those homeport calls will come from Disney Cruise Line ships. Both the Disney Wish and the Disney Fantasy will set sail out of Port Canaveral.
In December 2024, the Disney Treasure will also arrive in Port Canaveral. The Treasure’s arrival, however, falls within fiscal year 2025.
Interestingly, Port Canaveral plans to invest 181 million in capital improvements in the next fiscal year. Some of that total has already been set aside from previous years’ revenue.
“You’ll see $788 million worth of capital projects have been undertaken and completed and soon to be completed,” he said. “When you spend $788 million in that same 10-year period, our revenues grew from $77 million to $187 million — $110 million growth. So that’s a significant increase in your revenues.”
With the Disney Cruise Line introducing a third ship, and cruise occupancy returning to normal, it looks like smooth sailing for Port Canaveral.
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