Port Tampa Bay Financial Profile

Port Tampa Bay — Financial Profile

Tampa Port Authority

Florida's Largest, Most Diversified Port — Low Leverage Revenue Bond Profile

Disclaimer: This article is AI-generated and provided for informational purposes only. It is not legal, financial, or investment advice. Consult qualified professionals before making any business or investment decisions.

Introduction

Port Tampa Bay, operated by the Tampa Port Authority, stands as Florida's largest and most diversified port by revenue and economic output. With an all-time record FY2024 operating revenue of $97.8 million, a Fitch credit rating of A+ (Stable), and outstanding debt of approximately $62.3 million, Port Tampa Bay exemplifies a strategically positioned mid-sized U.S. port with exceptionally low leverage and strong growth momentum. The port's Vision 2030 capital program, anchored by a 43-to-47-foot channel deepening project estimated at $1.2–1.5 billion, positions Tampa Bay for sustained competitive advantage across container, cruise, bulk, and general cargo sectors.

Entity Overview & Governance

Legal Entity & Charter: The Tampa Port Authority operates as an independent special district of the State of Florida, established under Chapter 95-488. The port operates under the trade name Port Tampa Bay and serves as a landlord port (with Ports America as long-term container terminal operator through May 2046).

Governance Structure: The Tampa Port Authority is governed by a 7-member Commission: 5 members appointed by the Governor and confirmed by the Florida Senate, 1 member appointed by the Hillsborough County Commission, and the Mayor of Tampa serving ex officio. This governance model ensures state-level strategic oversight while maintaining local stakeholder representation.

Executive Leadership: Paul Anderson, CEO, has served since December 2012. Anderson brings extensive maritime experience, including prior service as a Federal Maritime Commissioner.

Facilities & Infrastructure: Port Tampa Bay operates five major marine facilities: Port Channelside (cruise and break-bulk cargo), Tampa Bay Container Terminal (TBCT), Port Redwing (bulk commodities), Omniport (general cargo, roll-on/roll-off vehicles), and the Petroleum Products Terminal. The port commands a 42-mile deep-water shipping channel, currently dredged to 43 feet (federal channel maintained by the Army Corps of Engineers). Ongoing deepening projects target 47 feet to accommodate modern mega-ships.

Fiscal Year: September 30.

Operational Performance & Market Position

Multi-Sector Diversification: Port Tampa Bay's competitive strength derives from diversified revenue streams across four major operating sectors: petroleum & liquid products bulk cargo, dry bulk commodities, containers, and cruise passengers.

Container Operations: The Tampa Bay Container Terminal (Ports America concession) achieved 256,000 container moves in FY2024 and is projected to exceed 262,000 containers in FY2025, representing record volumes. Container traffic has grown at a 28% average annual compound rate (CAGR) over the past five years. The port's capacity expansion target is 1 million twenty-foot equivalent units (TEU) annually upon completion of Phase 2 terminal expansion (see Capital Program section). Current maximum depth and berth constraints limit the largest post-Panamax and mega-container ships; channel deepening to 47 feet will unlock full market potential.

Cruise Operations: Port Channelside is home to five cruise line homeports: Carnival Cruise Line, Royal Caribbean International, Holland America Line, Norwegian Cruise Line, and Margaritaville at Sea. FY2024 cruise passenger volume reached 1.1+ million; CY2025 posted an all-time record of 1.6+ million cruise passengers. The port averages 198+ cruise calls per year, generating an estimated $400,000+ in direct economic value per ship call. Tampa Bay is now Florida's largest Gulf Coast homeport by passenger volume.

Bulk Cargo: Petroleum and liquid products represent the largest commodity segment, totaling 17+ million tons annually. The Petroleum Products Terminal maintains 70+ million barrel storage capacity. Port Redwing, specializing in dry bulk, has undergone recent expansion to accommodate aggregates (serving AJAX Paving, Redwing Terminals, and Pangaea Florida). Additional dry bulk commodities include phosphate and grain.

Total Cargo & Economic Impact: Port Tampa Bay annually handles 35+ million tons of cargo and generates a $34.6 billion annual economic impact statewide, supporting 192,201 jobs across the Florida economy.

Financial Summary & Credit Profile

Revenue Composition & Growth: Port Tampa Bay's FY2024 record revenue of $97.8 million represents a +15% year-over-year increase, driven primarily by strong container growth, record cruise passenger volumes, and stable petroleum bulk operations. The diversified revenue base reduces single-sector vulnerability and supports rating stability.

Leverage Profile: At a debt-to-revenue ratio of 0.64×, Port Tampa Bay maintains one of the lowest leverage profiles among U.S. ports. This conservative debt load reflects prudent capital management and strong liquidity, providing substantial debt capacity for Vision 2030 capital investments.

Bond Structure & Credit Ratings

Outstanding Debt Instrument: Port Tampa Bay's approximately $62.3 million in outstanding debt is entirely composed of fixed-rate Port Revenue Bonds and Notes. All debt is secured by pledged net operating revenues of the port authority, and indentures typically include rate maintenance covenants ensuring port revenues sufficient to cover debt service at established multipliers.

Credit Rating & Rationale: Fitch Ratings assigns Port Tampa Bay an A+ (Stable) rating, affirmed in August 2025. The November 2023 upgrade from A to A+ reflected Fitch's assessment of diversified operating revenues (container, cruise, bulk, general cargo), strong liquidity position, exceptionally low leverage, and long-term contractual protections (particularly the Ports America container concession through May 2046).

Financial Reporting & Governance: Port Tampa Bay has received the GFOA (Government Finance Officers Association) Certificate of Achievement for Outstanding Financial Reporting for 18+ consecutive years, demonstrating transparency, comprehensive disclosure, and adherence to accounting standards.

Capital Program: Vision 2030

Channel Deepening & Widening (Flagship Initiative): The centerpiece of Vision 2030 is a federal-partnership channel deepening and widening project: the shipping channel will be deepened from 43 feet to 47 feet, and portions will be widened from 400 feet to 500 feet. Estimated project cost is $1.2–1.5 billion, with construction planned to commence in FY2028 pending federal authorization and appropriations. The project will remove approximately 22 million cubic feet of dredged material, much of which will be deployed for beneficial use in beach renourishment at Fort DeSoto and Egmont Key State Parks, while creating approximately 60 acres of new port land for future development. This deepening will enable Port Tampa Bay to accommodate mega-container ships (20,000+ TEU) and modern neo-Panamax bulk carriers currently unable to access the port.

East Port Omniport Expansion: Expanding Omniport from 18 acres to 27 acres (net +9 acres) with berth extension from 400 feet to 675 feet. Project cost: $37 million, funded by $22 million in federal INFRA (Infrastructure Investment and Jobs Act) grants and $15 million in port capital contributions. Year-1 economic benefits are projected at 1,700 new jobs and $143 million in personal income.

Container Terminal Phase 2 Expansion: Construction of a third deep-water berth (4,500+ linear feet total berth capacity), two additional Liebherr STS container gantry cranes ($36 million, delivered 2025, self-funded), and a new container gate complex. Target throughput: 1 million TEU annually upon completion. Phase 2 positions Tampa Bay as a major gateway for U.S. container traffic.

Cruise Terminal Modernization: Concurrent with record cruise passenger growth (1.6M+ in CY2025), the port is in the design phase for a new cruise terminal facility, passenger bridge upgrades, and supporting infrastructure to safely and efficiently manage growth toward 1.6M+ annual passengers.

Credit Analysis: Strengths & Risks

Credit Strengths:

• All-Time Record Revenue Momentum: FY2024 operating revenue of $97.8M (+15% YoY) demonstrates strong operational execution and market demand across multiple sectors.
• Exceptionally Low Leverage: At 0.64× debt-to-revenue, Port Tampa Bay carries among the lowest debt loads of any U.S. port, providing substantial capacity for Vision 2030 capital investment without stress to debt service coverage.
• Recent Credit Upgrade: Fitch's November 2023 upgrade to A+ (Stable outlook) reflects improving credit profile and validates management's strategic direction.
• Diversified Revenue Base: Four-sector operating model (petroleum bulk, dry bulk, containers, cruise) reduces single-commodity or single-customer risk.
• Contractual Protections: Long-term Ports America container concession through May 2046 provides revenue certainty. Multi-year cruise line operating agreements support growth projections.
• Container Growth Trajectory: 28% CAGR over five years and record 262,000+ containers in FY2025 position Tampa Bay for significant market share gain once channel deepening is complete.
• Record Cruise Leadership: 1.6M+ cruise passengers in CY2025 make Port Tampa Bay the largest Gulf Coast homeport by passenger volume—a defensible competitive moat.
• State-Chartered Structure: Independent special district designation provides operational autonomy and rate-setting flexibility.

Credit Risks:

• Mid-Market Scale Vulnerability: At $97.8M annual revenue, Port Tampa Bay is materially smaller than mega-ports (Port of Los Angeles ~$1.7B, Port of NY/NJ ~$700M). Limited cash reserves and revenue cushion may amplify stress during severe downturns (e.g., pandemic-scale disruption, major hurricane damage).
• Channel Depth Constraint: Until the 47-foot deepening is complete (FY2028+), maximum-size modern container and bulk ships cannot fully access the port. This limits market capture and can cede volume to deeper ports.
• Geographic & Weather Risk: Gulf of Mexico location subjects port facilities to hurricane and tropical storm risk. Major hurricane disruption could materially impair operations and cruise passenger confidence.
• Bulk Commodity Concentration: Petroleum and liquid products (17+ million tons, 70+ million barrel capacity) represent the single largest cargo segment. Decline in petroleum demand or shift in refining geography could affect bulk revenues.
• Capital Program Scale & Execution: The $1.2–1.5 billion channel deepening project depends on federal partnership, appropriations, and permitting. Delays, cost overruns, or funding gaps would require port to increase leverage (debt-to-revenue moving toward 1.5–2.0×), straining ratings and borrowing costs. The port will likely require additional debt to fund Vision 2030, materially increasing financial risk during the capital phase.

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