PANAMA CITY – Business is booming in Port Panama City.
According to a press release issued Monday by the port, it broke its annual record for shipments and profits in its fiscal year 2022, which ended Sept. 30. During this period, the port treated 2. 03 million tons of shipping and earned $19. 04 million.
That’s 30,000 tons more than the port’s previous shipping record set in 2015, and $1. 6 million more than its previous profit record set in 2021.
“While much of the country has spent the past year dealing with supply chain disruptions, Port Panama City has focused on securing more shipments that would transit through gateway ports in other states,” Alex King, the port’s executive director, said in the statement. “With continued investment in our port and strong network support, Port Panama City is adapting to an even more powerful seaport that will continue to play a leading role in the region’s economic progress. “
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In an interview Tuesday, King said the record year is also due to recent primary infrastructure expansion projects at the port, adding the opening of the East Terminal in February 2020. The terminal covers more than 40 acres and has allowed the port to identify new trades. routes to Asia, South America and Europe.
He is solely guilty of handling more than 250,000 tons of shipping in fiscal year 2022.
The port also saw a 10% year-over-year increase in containerized shipping activity with Mexico. King said that, along with Port Authority board leadership and a strong workforce, were other points that drove expansion in 2022.
The port installed a bulk biomass dome in the West Terminal, expanded the Panama City Port Distribution Center and added a new 70,000-square-foot container shipping station in the West Terminal, he said.
It also notes that the port, which has an economic impact of $1. 6 billion, supports approximately 10,800 jobs in Bay County, northwest Florida and the southeastern United States.
“I remain, sometimes, until recently, a fairly well-kept secret, but we’re more exposed,” King said. “We are gaining some popularity for installing a regional port and will continue to focus our investments on offering those facilities to ensure we continue to grow. “