Business, Freight News, Sea

Port of Brownsville proved resilient in 2020

[ August 10, 2021   //   Gary G Burrows ]

The Port of Brownsville has come a long way in its 85-year history, finding ways to overcome challenges and ever-changing global markets.
The port proved resilient throughout 2020 in the face of the COVID-19 pandemic and its related economic challenges, moving a record-setting 11.6 million short tons of diverse cargo with operating revenues of $37 million, far above 2019’s high watermark of $24.6 million, providing the foundation for continued investment in economic growth, job creation and environmental stewardship for today and future generations.
Over the past several years, the port has continued to strengthen its financial position, increasing cash reserves while investing in key infrastructure improvements. The Port of Brownsville ranks third among U.S. ports for “strong financial resilience” surveyed in a 2020 report issued by Moody’s Investor Services, underscoring the ongoing value of the port’s prudent financial stewardship in light of economic impacts from the worldwide pandemic.
Moody’s analysis evaluated American ports on a range of key factors surrounding financial responsibility like the ability to handle the impact of a significant decline in cargo volume, financial liquidity and debt service coverage ratio. Weighing these important factors, the analysis ranks the Port of Brownsville among the most stable in the nation and better able to weather today’s unique economic challenges.

Tags: Port of Brownsville