Seaport sees over $8M revenue in FY2024

The Commonwealth Ports Authority reports that it has garnered over $8 million in revenue through the CNMI seaports in fiscal year 2024.

Recently, CPA has submitted its 2024 citizen centric report to the CNMI Legislature and has reported that the agency has seen an increase of 7% in airport revenue in the last fiscal year compared to the previous fiscal year.

According to the report, in fiscal year 2024, CPA’s seaport revenue totaled $8,044,685. This was a 7% increase from FY 2023 where seaport revenue totaled $7,516, 775. In FY 2022, CPA’s seaport revenue was at $6,583, 455.

According to CPA, the seaport’s FY 2024 operating revenues remained steady with a 7% overall increase as compared to FY 2023.

Meanwhile, harbor fees also remained fairly consistent with an 8% increase when compared to fiscal year 2023 while concession and lease income increased by 4%.

Harbor fees include wharfage fees, docking fees, special services, berthing fees and port entry fees.

Other revenues include permit fees, citations and security service fees.

In addition, CPA reports that overall, operating expenses for the seaports decreased by 14% as compared to FY 2023.

“This decrease is due to the implementation of austerity measures, and the implementation of cost containment measures,” said CPA.