Virgin Islands Port Authority, VI

Transcription

1 Virgin Islands Port Authority, VI 1 Virgin Islands Port Authority, Marine Revenue Bonds, Series 2014C (Federally Taxable), $4,920,000 Dated: October 23, Virgin Islands Port Authority, Marine Revenue and Refunding Bonds, Series 2014A (AMT), $28,765,000 Dated: October 23, Virgin Islands Port Authority, Marine Revenue and Refunding Bonds, Series 2014B (Non AMT), $14,900,000 Dated: October 23, Virgin Island Port Authority Marine Revenue Bonds consisting of Series 2003A (AMT), $18,005,000 and Series 2003B (Federally Taxable), $17,425,000 Dated: January 1, 2003 DEBT SERVICE COVERAGE Series 2014A,B,C Historic Debt Service Coverage FY 2016 Net Revenues: Total Operating Revenues 30,318 Total Operating Expenses 20,823 Net Revenues 9,495 Bond Debt Service 4,553 Debt Service Coverage 5691(2.09X) Series 2014A,B,C Pro Forma Debt Service Coverage Fiscal Year Net Revenues Debt Service Coverage ,495 4, x ,546 4, x ,880 4, x ,702 4, x 2020 _2044 8,502 4, x

2 Series 2014A,B,C, Summary of Facilities 2016 The Authority owns, and provides for public use, marine cargo and passenger facilities on the islands of St. Thomas, St. John and St. Croix. These waterfront facilities are used in the embarking and disembarking of cargo and passengers for marine transportation service. The existing port facilities are summarized below Marine Facility The St. Thomas Facilities Charlotte Amalie Harbor Edward Wilmoth Blyden IV Marine Terminal Charles F. Blair Jr. Seaplane Terminal Crown Bay Cargo Terminal Austin Babe Monsanto Marine Terminal Urman Victor Fredericks Marine Terminal Major Users Yachts, passenger ferries, small inter island cargo vessels, seaplanes, other recreational craft passenger ferries seaplane service Large, ocean going cargo vessels Large, ocean going cruise ships U.S. Naval vessels, small cargo operations Small passenger ferries and cargo vessels The St. John Facilities Loredon Lawrence Boynes Sr. Dock Victor William Sewer Marine Facility Theovald Eric Moorhead Dock and Terminal Small passenger ferries small passenger ferries and charter vessels Inter Island Cargo facility, small cargo vessels The St. Croix Facilities Gallows Bay Dock Ann E. Abramson Marine Facility Third Port Container Terminal Gordon A. Finch Molasses Pier Svend Aage Ovesen Jr. Seaplane Terminal Small inter island cargo vessels, small cruise ships Large cruise ships, U.S. Navel ships, small cargo vessels Large, ocean going cargo vessels Large, ocean going cargo vessels Seaplane service

3 Series 2014A,B,C Top 10 Revenue Producing Tenants of the Marine Division 2016 Line Type of Facility Type of Operations Square Feet 1 Crowley Caribbean Services Bare Land Containerized Cargo 247,525 2 Tropical Shipping & Construction (STT) Bare Land; Warehouse & Cargo Ra Containerized Cargo 267,934 3 St. Thomas Dialysis Center Building Dialysis and Medical Facility 6,000 4 The Supreme court of the Virgin Islands Building Court; Offices 20,500 5 Tropical Shipping & Construction (STX) Bare Land; Warehouse & Cargo Ra Containerized Cargo 189,166 6 Crown Bay Marina Marina Marina; Retail & Restaurant 4.35 acres 7 Crown Bay Luxury Retail Group Building Subletting of Retail Stores 10,000 8 MSI Supplies Bare Land Building Material Sales 77,150 9 VI WAPA Bare Land, Office Government Entitiy 40, First Bank VI Building Banking 3,707 Series 2014A,B,C Historic Cruise Vessel Calls and Passengers FY 2016 All USVI Ports Passengers 1,905,115 Vessel Calls 607 Authority Ports Only Passengers 501,555 Vessel Calls 150

4 Series 2014A,B,C Top 5 Cruise Companies by Passengers 2016 Company Passengers Vessel Calls 1 Royal Caribbean 608, Norwegian Cruise Line 330, Carnivale 222, Princess 125, Celebrity Cruises 120, Series 2014A,B,C, Historic Volume Performance of Selected Caribbean Ports Region Port 2016 E. Caribbean St. Thomas 1,776,685 Bahamas Nassau 4,690,374 W. Caribbean Cozumel 3,637,321 E. Caribbean San Juan 1,401,866 W. Caribbean Cayman Islands 1,711,849 E. Caribbean St. Maarten 1,668,863 S. Caribbean Barbados 594,096 S. Caribbean St. Lucia 587,749

5 Series 2014A,B,C Historic Cargo Vessel Calls to the Authority s Facilities 2016 Aggregate Vessel Calls 2,466 Tons Inbound 1,045,873 Tons Outbound 207 St. John Vessel Calls 67 Tons Inbound 2,328 Tons Outbound 0 St. Croix Vessel Calls 902 Tons Inbound 389,289 Tons Outbound 181 St. Thomas Vessel Calls 1,497 Tons Inbound 654,259 Tons Outbound 26

6 Series 2014A,B,C, Schedule of Revenues and Expenses for the Marine Division 2016 Operating Revenues: Users' Fees and Dues 14,736 Wharfage Dues 8,363 Rentals 6,018 Other 1,006 Total Operating Revenues 30,123 Operating Expenses: Payroll and Fringe Benefits 9,926 Repairs and Maintenance 574 Materials, Supplies & Services 2,522 Insurance 1,256 Depreciation 6,237 Other Operating Expenses 2,436 General and Administrative Allocation 10,317 Total Operating Expenses 33,268 Operating Income (Loss) 3,145 Non Operating Revenue (Expenses) 1,485 Federal and State Government Capital Contributions Change in Net Position 4,630 Calculation of Net Revenues Available to Pay Debt Service on the Bonds: Total Operating Revenues 30,318 Total Operating Expenses 20,823 Net Revenues 9,495

7 Series 2014A,B,C, Unaudited Schedule of Revenues and Expenses for the Marine Division 2016 Operating Revenues: Rentals and Concessions $6,964 Pilotage $692 Wharfage $8,363 Ship Dues $12,575 Docking Fees $1,469 Other $60 Total Operating Revenues $30,123 Operating Expenses: Salaries, Wages and Payroll Expenses $9,926 Repairs and Maintenance $574 Materials and Supplies $342 Utilities $1,603 Professional and Other $2,181 Insurance $1,256 Depreciation $6,237 Financial Expenses $753 Other Operating Expenses $663 General and Administrative Allocation $11,539 Total Operating Expenses $35,074 Operating Income/(Loss) ($4,951) Non Operating Revenue (Expenses) ($904) Federal and State Government Capital Contributions $0 Change in Net Position ($5,855)

8 Series 2014A,B,C CIP for the Marine Division Facility Island FY 2017 Austin Babe Monsanto Marine Terminal St. Thomas 5,392 Urman Victor Fredericks Marine Terminal St. Thomas 9,316 Ann E. Abramson Marine Facility St. Croix 440 Third Point Container Terminal St. Croix 2,890 Gallows Bay Dock St. Croix 4,000 Gordon A. Finch Molasses Pier St. Croix Svend Aage Ovesen Jr. Seaplane Terminal St. Croix General Marine Facility Capital Improvements St. Croix Victor William Sewer Marine Facility St. John 195,940 Theovale Eric Moorhead Dock and Terminal St. John 260 Total 218,238