PortMiami sees its cargo shipping rise 17.6% to record level in fiscal 2021

Cargo activity at PortMiami increased 17.6% in fiscal 2021, making it the busiest year in the Florida port’s history, Miami-Dade County said on Friday.

“Despite the incredible challenges of a global pandemic, the port set a record for the strongest year in cargo activity in our history,” Mayor Daniella Levine Cava said in a statement.

The county said the increase in shipping volume at the port didn’t cause any congestion for boats or delays in shipments in fiscal 2021, which started Oct. 1, 2020, and ended Sept. 30, 2021.

A gantry crane unloads cargo at PortMiami in Miami-Dade County, Florida.
Bloomberg News

“Miami-Dade County is a major global hub for trade and commerce and strengthening cargo activity will help us rebuild an even stronger, more resilient economy for generations to come,” Cava said. “We welcome more container ships to our port, to do our part to help global trade move and grow jobs and business opportunities here in our community."

In August, the county issued $1.24 billion of seaport revenue bonds for PortMiami in the largest port transaction since the coronavirus pandemic began. The deal, priced by Wells Fargo Corporate & Investment Banking, was also the biggest municipal bond issuance in the port’s history.

Last week, Fitch Ratings said the outlook for Florida’s seaports is looking up as vacation cruising resumes and cargo demand remains strong.

The port says its transportation interconnectivity provides many advantages.

More than 23 million cars and trucks use the Port of Miami Tunnel, which links directly to the interstate highway system while the Florida East Coast on-dock rail delivers goods to almost 70% of the U.S. population within four days, PortMiami says.

Additionally, the port works in conjunction with Miami International Airport, which is the top airport in the U.S. ranked for international cargo volume and number three for international passenger traffic.

PortMiami is also a landlord port. It has lease agreements with cargo terminal operators, which provide wharf, dock, warehouse and other marine terminal services.

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