The port of Galveston forecasts record operating revenues, sailings and cruise passenger counts in 2024, according to the Galveston Wharves 2024 budget.
The 2024 budget, which was adopted by the Galveston Wharves Board of Trustees on Nov. 21, includes projected operating revenues of $72.5 million, $35.5 million in operating expenses and a net income of $37 million.
“Record revenues will allow the port to fund major expansion and maintenance projects to maximize port assets, generating regional economic growth and more jobs,” said Rodger Rees, Galveston Wharves port director and CEO.
Revenues are expected to be 12 percent over 2023 revenue, mostly due to cruise industry growth, as well as increases in dockage, wharfage and real estate fees.
According to the budget, cruise-related income in 2024 will reach $49.8 million; real estate $10.6 million; dockage and lay ships $5.6 million; and cargo wharfage $2.3 million
In addition, the port predicts a 30 percent increase in cruise passengers in late 2023 due to the addition of a third cruise terminal in November 2022. The trend is expected to continue in 2024 with a 14 percent increase in 1.6 million passengers.
In 2024, the port of Galveston plans to invest in multiple projects such as the completion of Cruise Terminal 25 improvements, the start of the West Port Cargo Complex improvements and work on the proposed Cruise Terminal 16.
“We’re reaping the rewards of our long-range plan to increase revenues and reduce costs to reinvest cash reserves in port improvements. Next year will be a landmark year in the port’s 198-year history thanks to $42.3 million in state grants, the support of our Wharves Board and City Council, investments by our cruise partners and hard work by our great staff,” said Rees.
