Virgin Islands Port Authority 1 Virgin Islands Port Authority, Marine Revenue Bonds, Series 2014C (Federally Taxable), $4,920,000 Dated: October 23, 2014 2 Virgin Islands Port Authority, Marine Revenue and Refunding Bonds, Series 2014A (AMT), $28,765,000 Dated: October 23, 2014 3 Virgin Islands Port Authority, Marine Revenue and Refunding Bonds, Series 2014B (Non AMT), $14,900,000 Dated: October 23, 2014 Debt Service Coverage FY Net Revenues: Total Operating Revenues 29,623.00 Total Operating Expenses 19,286.00 Net Revenues 10,337.00 Bond Debt Service 3,862.00 Debt Service Coverage 4,827.00 The Marine Division Rates and Charges The Virgin Islands Port Authority through its Marine Division utilizes a published schedule of marine rates and charges to assess a variety of fees for use of its marine facilities. The schedule of rates and charges are necessary to provide sufficient revenue for the general operations and maintenance, Capital Improvements, administrative cost, debt coverage and investment. The current marine rates and charges was authorized in 2006. The Authority is currently in the process of reviewing its marine rates and charges. Facilities The Authority owns, and provides for public use, marine cargo and passenger facilities on the islands of St. Thomas, St. John and. 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.
Port Facility Major Users St. Thomas Charlotte Amalie Public Wharf Crown Bay Cargo Port Austin "Babe Monsanto Marine Terminal (formerly "Crown Bay Dock") Yachts, passenger ferries, small inter island cargo vessels, seaplanes, other recreational craft Large, ocean going cruise ships Urman Victor Fredericks Marine Terminal (formerly "Red Hook Dock") Small passenger ferries and cargo vessels St. John Loredon Lorence Boynes, Sr. Dock (formerly "Cruz Bay Ferry Dock") Small passenger ferries Victor William Sewer Marine Facility (formerly "the Creek"") Small cargo vessels The Theovald Eric Moorehead Marine Facility (formerly "Enighted Pond") Inter Island Cargo facility, small cargo vessels Gallows Bay Dock Small inter island cargo vessels, small cruise ships Christiansted Dock Seaplanes, small passenger ferries, recreational crafts, small inter island cargo vessels The Ann E. Abramson Marine Facility (formerly "Frederiksted Pier") Large cruise ships, U.S. Navel ships, small cargo vessels The Wilfred "Bomba" Allick Port & Transshipment Center (formerly "Third Port Container Terminal") The Gordon A. Finch Molasses Pier (formerly "Molasses Pier")
Top 10 Revenue Producing Tenants of the Marine Division Line Type of Facility Type of Operations Square Feet 1 Crowley Caribbean Services Bare Land Containerized Cargo 247525 2 Tropical Shipping & Construction (STT) Bare Land; Warehouse & Cargo Ramp Containerized Cargo 267934 3 The Supreme Court of the Virgin Islands Building Court; Offices 20500 4 Crown Bay Marina Marina Marina; Retail & Restaurant 4.35 acres 5 Tropical Shipping & Construction (STX) Bare Land; Warehouse & Cargo Ramp Containerized Cargo 189166 6 MSI Supplies, Inc. Bare Land Building Materials Sales 77150 7 Sea Star Lines Bare Land & Office space Containerized Cargo 69418 8 Seaborne Virgin Islands Terminals & Ramps Seaplane Airline 2.944 acres 9 Miami Cars, Inc. Buildings; Bare Land & Bulkhead Offices; Restaurant; Warehouse 41339 10 VI Fire Service Office Government Entity 4000 Historic Cruise Vessel Calls and Passengers FY All USVI Ports Passengers 1,960,066.00 Vessel Calls 649 Authority Ports Only Passengers 625,915.00 Vessel Calls 247 Top 5 Cruise Companies by Passengers Company Passengers Vessel Calls 1 Royal Caribbean Line 574,793.00 155 2 Carnivale New 492,783.00 145 3 Norwegian Cruise Line 319,778.00 87 4 Celebrity Cruises 178,245.00 70 5 Princess New 177,245.00 52 Historic Volume Performance of Selected Caribbean Ports Region Port (Jan Dec) E. Caribbean St. Thomas 1,878,847 Bahamas Nassau 4,513,458 W. Caribbean Cozumel 3,396,072 E. Caribbean San Juan 1,457,173 W. Caribbean Cayman Islands 1,716,812 E. Caribbean St. Maarten 1,901,617 S. Caribbean Barbados 586,615 S. Caribbean St. Lucia 677,394
Historic Cargo Vessel Calls to the Authority s Facilities Aggregate Vessel Calls 2,530 Tons Inbound 947,702 Tons Outbound 1,049 St. John Vessel Calls 107 Tons Inbound 514 Tons Outbound 0 Vessel Calls 820 Tons Inbound 347,126 Tons Outbound 0 St. Thomas Vessel Calls 1,603 Tons Inbound 600,062 Tons Outbound 1,049 Schedule of Revenues and Expenses for the Marine Division Operating Revenues: Users' Fees and Dues 14,456 Wharfage Dues 7,694 Rentals 6,122 Other 1,121 Total Operating Revenues 29,393 Operating Expenses: Payroll and Fringe Benefits 6,632 Repairs and Maintenance 716 Materials, Supplies & Services 2,882 Insurance 1,356 Depreciation 6,078 Other Operating Expenses 1,998 General and Administrative Allocation 6,712 Total Operating Expenses 26,374 Operating Income (Loss) 3,019 Non Operating Revenue (Expenses) (2,201) Federal and State Government Capital Contributions Change in Net Position 818 Calculation of Net Revenues Available to Pay Debt Service on the Bonds: Total Operating Revenues 29,622 Total Operating Expenses 20,296 Net Revenues 9,326
Schedule of Revenues and Expenses for the Marine Division Operating Revenues: Rentals and Concessions $7,186 Pilotage $636 Wharfage $7,694 Ship Dues $12,407 Docking Fees $1,414 Other $56 Total Operating Revenues $29,393 Operating Expenses: Salaries, Wages and Payroll Expenses $6,632 Repairs and Maintenance $716 Materials and Supplies $616 Utilities $1,840 Professional and Other $2,267 Insurance $1,356 Depreciation $6,078 Financial Expenses $2,642 Other Operating Expenses $221 General and Administrative Allocation $7,939 Total Operating Expenses $30,307 Operating Income/(Loss) ($914) Non Operating Revenue (Expenses) $503 Federal and State Government Capital Contributions $0 Change in Net Position ($411) CIP for the Marine Division Facility Island FY 2016 Austin Babe Monsanto Marine Terminal St. Thomas 3,425 Urman Victor Fredericks Marine Terminal St. Thomas 5,700 Ann E. Abramson Marine Facility 675 Third Point Container Terminal 3,029 Gallows Bay Dock 856 Gordon A. Finch Molasses Pier Svend Aage Ovesen Jr. Seaplane Terminal General Marine Facility Capital Improvements 1,511 Victor William Sewer Marine Facility St. John 150 Theovale Eric Moorhead Dock and Terminal St. John 1,500 Total 16,846