Introduction
Today, international trade is a major force that has a great role in driving the economy. Businesses from different parts of the world are linking with each other with an aim of expanding their operations and increase their profitability. Florida is among the best performing states in international trade. It’s a major tourist attraction and business hub with state-of-the-art infrastructure (Harrington 2010). Many local and international firms have their headquarters in Florida since it’s easier to trade with the rest of the world from here. Among the best performing firms that are actually contributing to Florida’s economic growth is Jaxport.
Jaxport is the brand name for Jacksonville Port Authority. Jaxport is an independent government agency that owns and operates most of the seaport system in the port of Jacksonville in Florida. With 656805 vehicles in 2012, Jaxport was the largest port that exports vehicles in the United States. Formed in 1963, Jaxport has 7 board members who oversee its operations. The vision and mission of Jaxport is to be a major contributor to the economic growth of Florida by encouraging and facilitating commerce through the port. It controls a passenger cruise terminal, cranes, warehouses, docks and wharfs. Each year, It carries over 21 million tons of cargo and has an annual economic impact of over 19 billion. It pays a tax of more than $130million to the state and local governments (Jaxport annual report 2011).
The company provides shipping services in most parts of the world. Private companies pay lease and rental fees to Jaxport in order to operate from the seaport. In 2010, it recorded $32million operating expenses and revenue of $50.6 million. The revenue is used to fund port operations since its construction and security projects are funded by the state and federal governments. It has more than 65000 employees (Port of Jacksonville 2013).
Jaxport expands port business thus creating new jobs and stimulate economic growth in Florida. By increasing cruise business, the company makes it easy for international tourists to visit Florida. This boosts the tourism industry which brings a lot of revenues to the state. Jaxport achieves this by effective and fiscally responsible planning, development, management and marketing of its facilities and assets.
Imported and exported goods are shipped from more than 100 countries through Jacksonville port. This is made possible by The Jaxport cruise terminal and three other cargo terminals. A carnival cruise line uses the Jaxport cruise terminal to offer services to Bahamas and the Key West throughout the year. The company’s growth has largely been attributed to its participation in international trade. Its major trading partners are Brazil, Finland, japan, china, Venezuela, Saudi Arabia, turkey, Holland and Puerto Rieco.
Jaxport is continuously strategizing on how to continuously provide best services globally and beat all other competitors. Recently, it launched the 6,600 TEU Yang Ming Milestone a big container ship that travels through the Suez Canal to the east coast of U.S. Jaxport also participates in community programs such as environmental conservation, educating the needy, supporting small businesses and contributes in fundraisings organized by the community. However, the company is not yet where it wants to be. It has so many future plans that include; to improve the federal channel, enhance port security, to enhance dredge disposal capabilities and to develop dames point on-dock rail.
In 2010, the company recorded total operating expenses of $31 million and revenues of $50.9 million making a profit of $19.9million (Swanson 2011). Over the years, the revenues and profits have been increasing by more than 5% annually while the expenses are reducing. At the end of 2010, it had assets of $308,420, an increase of 2.3% from the previous year (Jaxport annual report2011). The company continuous to offer globally competitive services and intends to dominate the word in service delivery.
References
Harrington, J. (2010, May 20). Tampa Bay Times: Florida Business Leaders Peg
http://www.tampabay.com/news/business/florida-business-leaders-peg-economic-recovery-on-international-trade/1096160
Jacksonville Port Authority - Wikipedia, the free encyclopedia. (2013, March 21). Retrieved June 2, 2013, from https://en.wikipedia.org/wiki/Jacksonville
Jaxport annual report. (2011). Talleyrand A venue, Jacksonville, FL 32206.www.jaxport.com (904) 357-3000
Port of Jacksonville - Wikipedia, the free encyclopedia. (2013, April 21). Retrieved June 2, 2013, from http://www.waymarking.com//WM4QFQ_JAXPORT_Cruise_Terminal_Jacks
Swanson, B., & Student, M. A. (2011). Third Party Logistics, the Port Economy, and Jaxport.
