Port Canaveral expects to build on what’s already been a record revenue year with its proposed budget for 2024 while also sinking nearly as much money as it will be taking in for capital projects.

The proposed budget for the 2024 fiscal year that begins Oct. 1, 2023, and runs through Sept. 30, 2024 forecasts operating revenue of nearly $190 million, which is likely to be close to the final numbers that come in at the close of fiscal 2023 at the end of this month.

Through August, or 11 months into 2023’s fiscal year, the port has seen $177.2 million in operating revenue after bringing in another $13.2 million last month. Cruise revenue including parking makes up the lion’s share of that having brought in $147.3 million though 840 cruise calls that have seen nearly 6.3 million multi-day passenger movements since October 2022.

“If you follow the numbers every month, it’s a new record right now,” said Port Canaveral CEO Capt. John Murray during the port commission meeting Wednesday. “So we’re going to have a very successful year.”

September’s totals should tack on enough to exceed what the port had budgeted for fiscal 2023’s expected operating income — $180 million, totals that blew away the record of more than $122 million the port brought in 2022. It’s a far cry from the COVID shutdown pains that saw only $35 million in 2021 when the cruise industry was mostly shut down.

Port Canaveral enjoys title for world’s busiest cruise port, for now

With six complete terminals now as well as newer and larger ships, cruise revenue continues to rebound with Port Canaveral earning the title for world’s busiest port ahead of PortMiami for the first time this year, and cruise traffic is expected to be the main driver for continued revenue growth.

The 2024 budget expects nearly $154 million from cruise, more than $21 million from cargo, more than $5 million from leases and $4 million from parks and recreation for a total of more than $187 million. That comes in about $7 million higher than the budgeted expected total for fiscal 2023, although every month so far this year, the port has seen higher totals than what has been projected each month. A lot of that has been due to ships sailing with more than double occupancy per stateroom.

FY 2024 numbers are based on an expected 913 multi-day ship calls made up of 807 visits from home ported vessels and 106 visits by ships stopping at Port Canaveral from elsewhere.

Carnival will lead the way with a projected 270 homeport calls with four ships sailing year-round: Carnival’s Mardi Gras, Freedom, Vista and Liberty, although Liberty will be switched during the year with Carnival Glory.

Port Canaveral-bound Utopia of the Seas gets 1st taste of water

Royal Caribbean, which will begin sailing two Oasis-class ships in October from the port, is forecast to have 245 homeport calls including three year-round ships and one seasonal. Oasis-class Allure of the Seas is replacing Independence of the Seas on short Bahamas service, the first time an Oasis-class ship will do regular three- and four-night service. Allure will make way for Royal’s new Utopia of the Seas when it arrives next summer.

Also still sailing will be Wonder of the Seas and Adventure of the Seas with seasonal service from Mariner of the Seas and 57 visits by Royal Caribbean ships from other ports such as New York.

Disney Cruise Line is set for 157 homeport calls continuing short Bahamas service with its newest ship Disney Wish and continuing seven-night sailings with Disney Fantasy.

Disney Cruise Line queues up old and new features for new ship Disney Treasure

Disney Treasure isn’t arriving until December 2024, which will fall into the 2025 fiscal year, but when it does arrive, DCL plans to sail three ships from the port.

MSC Cruises will call on the port 78 times starting with MSC Seaside and to be replaced by MSC Seashore while also sending 37 ships for port of call visits.

Norwegian Cruise Line will sail 52 times from the port among season service from Norwegian Escape, Epic and Jade.

Both Princess Cruises and Celebrity Cruises will join the fray as well sailing at the end of 2024, but again, won’t be on the books until FY 2025.

Celebrity Cruises to join expanding Port Canaveral lineup

While record totals are flowing in, operating expenses continue to rise, and are projected to be more than $122 million. That leaves the port with an operating income of more than $64.5 million, which after expenses such as interest on loans is taken into account brings its net funds to just under $60 million by the end of the fiscal 2024.

With those funds continuing to flow in, the port is reinvesting in capital improvements.

Port Chief Financial Officer Bill Poole presented to commissioners the return on investment generated since 2015 looking at 10 years of capital improvements including $181 million planned through the next fiscal year, some of which had already been set aside from previous years’ revenue.

“You’ll see $788 million worth of capital projects have been undertaken and completed and soon to be completed,” he said. “When you spend $788 million in that same 10-year period, our revenues grew from $77 million to $187 million — $110 million growth. So that’s a significant increase in your revenues.”

Port Canaveral targets marina for future cruise terminal site

Projects to be complete in 2024 include a new mobile harbor crane and the completion of North Cargo Berth 4 that has been out of service for a decade. It also includes the addition of more than 3,000 parking spaces for garages serving Cruise Terminal 6 and 10, passenger boarding bridges, parking system enhancements that embrace pay on entry, road improvements and the design for a seventh future cruise berth and terminal.

“Those capital projects generate revenue, and we reinvest in ourselves,” Poole said.

He cited an annual economic impact presented this past summer to the commission that said as of 2023, the port was bringing $6.1 billion dollars a year to the region including 42,000 jobs and generating $190 million in state and local taxes.

“If you were to compare that to 2015, these numbers just jump off the chart,” Poole said. “So that’s why we’re doing these capital projects, and that’s what the increased revenues are going to, and that’s the impact.”