Georgia Ports Authority (GPA) — Financial Profile
Port of Savannah and Port of Brunswick
Fastest-Growing Major U.S. Port — Revenue Bond Credit Analysis
Prepared by DWU AI
An AI Product of DWU Consulting LLC
February 2026
DWU Consulting LLC provides specialized municipal finance consulting for transportation agencies, airports, ports, toll roads, and water utilities. Our infrastructure finance expertise spans revenue forecasting, bond structuring, rate analysis, and capital program advisory. Please visit https://dwuconsulting.com
Important Disclaimer: This article is generated by artificial intelligence and provided for informational purposes only. It should not be construed as legal advice, investment advice, or financial guidance. Port authorities, investors, and policymakers should consult qualified legal, financial, and technical advisors before making decisions based on this content. DWU Consulting does not provide personalized investment, legal, or tax advice through this article.
Entity financial data: Sourced from the port authority's published ACFR, official statements, and EMMA continuing disclosures. Figures reflect reported data as of the fiscal years cited; current figures may differ.
Credit ratings: Referenced from published rating agency reports. Ratings are point-in-time; verify current ratings before reliance.
Operational statistics: Based on port-published cargo volumes, vessel calls, and operational reports. Cargo data is subject to revision.
Governance and organizational information: Based on publicly available port authority enabling legislation, board records, and organizational documents.
Analysis and commentary: DWU Consulting analysis. Port finance is an expanding area of DWU's practice; independent verification of specific figures against primary source documents is recommended.
Changelog
2026-02-23 — Initial publication. Comprehensive financial profile covering GPA credit structure, 5.7M TEU throughput (FY2025), $4.2B master plan, Mason Mega Rail terminal, Ocean Terminal expansion, and competitive position as fastest-growing US East Coast port.GPA Update (February 2026): Georgia Ports Authority moved 5.7 million TEUs in fiscal year 2025 (ending June 30, 2025) — an 8.6% increase from 5.25M in FY2024 — cementing its position as the fastest-growing major East Coast port. GPA approved a $614M Ocean Terminal expansion in September 2025, adding yard work ($65.6M) and a new customs facility ($40M). The Mason Mega Rail Terminal, the largest port rail facility in North America, is fully operational with 129,000 feet of new track and doubled rail capacity. GPA's ratings were affirmed at S&P AA (Stable, August 2025) and Moody's Aa2 (Stable, September 2024) — the highest credit ratings of any port in the Southeast. The 10-year master plan targets $4.2 billion in investment to reach 9.5M TEU capacity (12 berths). GPA's competitive advantages — the deepest channel south of Norfolk (47 ft inner, 42 ft to berths), best-in-class intermodal rail, and proximity to Southeast manufacturing hubs — position it as a structural beneficiary of East Coast supply chain diversification trends.
Introduction
The Georgia Ports Authority (GPA) operates the Port of Savannah — the third-largest container port in the United States — and the Port of Brunswick, the second-largest auto port in the country. GPA has been the fastest-growing major East Coast port complex for the better part of the past decade, driven by geographic advantages, aggressive infrastructure investment, and the secular trend toward East Coast supply chain diversification away from West Coast congestion risk.
GPA is structured as a component unit of the State of Georgia — a distinction that subtly differentiates it from city-department structures (POLA, POLB) and independent authorities (VPA, SCPA). While GPA maintains independent borrowing capacity and an independent Board, its state institutional backing is reflected in governance appointments (Governor-appointed Board) and access to state infrastructure programs. This structure has historically supported GPA's credit quality, though GPA's bonds are not general obligations of the State.
The Mason Mega Rail Terminal — completed and now fully operational — represents one of the most consequential port infrastructure investments of the 2020s. By building the largest on-dock rail facility in North America (85 acres, 129,000 feet of new track), GPA has fundamentally repositioned Savannah as an intermodal gateway for the Southeast and Midwest, directly competing with Charleston, Virginia, and the Gulf ports for discretionary inland cargo.
Entity Overview
| Field | Value |
|---|---|
| Full Legal Name | Georgia Ports Authority |
| Ports | Port of Savannah (Garden City Terminal, Ocean Terminal) + Port of Brunswick (Colonel's Island, Mayor's Point, East River, Lanier Docks) |
| Market Position | #3 US container port (Savannah); #2 US auto port (Brunswick); fastest-growing major East Coast port |
| Governance | Board of Directors (13 members, 4-year terms, appointed by Governor of Georgia) |
| Structure | Component unit of State of Georgia; independent revenue bond issuer |
| Statutory Authority | Georgia Code § 52-2-15 — power to fix and collect charges; issue revenue bonds |
| Fiscal Year End | June 30 |
| EMMA ID | 511CB012099E86C101C2541E5A4082FF |
Operational Performance
| Metric | FY 2025 | FY 2024 | Change |
|---|---|---|---|
| Container Throughput (TEUs) | 5,700,000 | 5,250,000 | +8.6% |
| Operating Revenue | — | $698.7M | — |
| Net Income | — | $160.2M | — |
| Cargo Volume | — | 40.9M short tons (+1.7%) | — |
| Current Berth Capacity | 7.5M TEUs/yr | 7.5M TEUs/yr | — |
Economic Impact: GPA contributes $174 billion in sales (11% of Georgia total), $77 billion to state GDP (9% of GA GDP), and $43 billion in personal income (7% of GA total). Brunswick's auto operations — processing vehicles from European and Asian manufacturers for the Southeast market — add meaningfully to GPA's economic footprint beyond container metrics.
Competitive Position
GPA has built structural competitive advantages that distinguish it from other East Coast ports:
Mason Mega Rail Terminal: The crown jewel of GPA's recent investment. The 85-acre facility features 129,000 feet of new track (nearly 25 miles) and 18 working tracks (up from 8 in the original Garden City Terminal). Rail capacity doubled to 2 million TEUs per year. GPA connects directly to both Class I East Coast railroads — CSX and Norfolk Southern — enabling one-day vessel-to-rail connections. This makes Savannah the most rail-connected port on the East Coast south of Norfolk, directly competing for discretionary cargo headed to Atlanta, the Midwest, and the Southeast manufacturing corridor.
Channel Depth: The Savannah Harbor Expansion Project deepened the Savannah River channel to 47 feet (inner harbor) and 42 feet (to berths). While not the deepest East Coast channel (Virginia Port at 55 feet holds that distinction), GPA's depth is sufficient for post-Panamax vessels and the vast majority of trans-oceanic container ships serving East Coast trade lanes.
Southeast Manufacturing Hub Proximity: Georgia, South Carolina, North Carolina, Alabama, Tennessee, and Kentucky are home to major automotive, aerospace, logistics, and consumer goods manufacturing. GPA's geographic position at the center of this production zone — with both rail connections and trucking access — gives it natural freight gravity that competing Atlantic ports must overcome with incentives or faster transit times.
Speed and Efficiency: GPA consistently ranks first among major US ports for vessel-to-rail transfer speed (1-day connection), berth productivity (crane moves per hour), and gate turn times. Operational excellence is a core GPA competitive differentiator reflected in customer surveys and shipper routing decisions.
Bond Structure and Debt Profile
| Feature | Detail |
|---|---|
| Pledge Type | Net Revenue — Pledged Revenues from all Port Facilities after O&M expenses |
| Port Facilities Pledged | Garden City Terminal, Ocean Terminal (Savannah); Colonel's Island, Mayor's Point, East River, Lanier Docks (Brunswick); Appalachian Regional Port; Port of Bainbridge |
| Bond Parity | 2021 and 2022 series bonds have parity lien on Pledged Revenues |
| Outstanding Bonds (FY2024) | $1,306.7 million (declining from $1,328.7M in FY2023 as bonds amortize) |
| Bond Ratings | S&P AA (Stable, Aug 2025); Moody's Aa2 (Stable, Sept 2024) — highest-rated port in Southeast US |
| 2022 Series | $769 million (Moody's Aa2) |
| 2021 Bonds | $427.0M issued; $422.5M currently outstanding |
Capital Program — $4.2 Billion Master Plan
GPA's 10-year master plan is one of the most ambitious capacity expansion programs at any U.S. port, targeting annual throughput capacity of 9.5 million TEUs across 12 berths. The current capacity of 7.5M TEUs is expected to be surpassed within this decade given recent volume growth trajectory.
| Project | Amount | Status |
|---|---|---|
| Mason Mega Rail Terminal | $374M+ | Fully operational — 85 acres, 129K ft new track, doubled rail capacity |
| Ocean Terminal Expansion | $614M | Approved September 2025; adds new berths and yard capacity |
| Ocean Terminal Yard Work | $65.6M | Companion to expansion; active |
| New Customs Facility | $40M | Active; streamlines CBP processing |
| 8 New Ship-to-Shore Cranes | — | Arrived 2024; increases crane moves capacity |
| Container Berth 1 Straightening | — | Complete; added 1.5M TEU capacity |
| Brampton Road Connector | $29M | Completion mid-2026; critical truck routing improvement |
| 10-Year Master Plan Total | $4.2 billion | Target: 9.5M TEUs / 12 berths |
Credit Analysis
Strengths: (1) Fastest-growing major East Coast port with structural geographic advantages. (2) AA/Aa2 — highest ratings in Southeast US port sector. (3) Mason Mega Rail fully operational — infrastructure competitive moat. (4) Diversified cargo base (containers + autos + breakbulk + bulk). (5) State of Georgia institutional backing (Governor-appointed Board, state infrastructure investment context). (6) Net income of $160M+ in FY2024 provides strong internal cash generation. (7) Declining bond balances (FY2024 < FY2023) signals solid debt management even during capital investment period. (8) Long-range capacity expansion targets (12.5M TEUs by 2035) demonstrate strategic planning depth.
Risks: (1) Capital program leverage — $4.2B master plan will require substantial additional bond issuance beyond current $1.3B outstanding. Future leverage trajectory is the key rating watch item. (2) Trade policy — GPA's Latin America and Asian cargo mix creates tariff exposure, though generally less China-concentrated than West Coast ports. (3) Competition — Charleston (SCPA), Virginia (VPA), and the Gulf ports actively compete for discretionary East Coast cargo. (4) Channel depth constraints — at 47/42 feet, GPA's channel depth trails Virginia (55 ft) and Charleston (52 ft), potentially limiting access for the largest Post-New Panamax vessels. (5) Savannah River navigation — the 21-mile river channel from the ocean to terminals creates operational constraints during low water periods.