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Palm Beach District News

07 Jan 2017

Ciklin elected Chairman of Palm Beach Port

On Tuesday, January 3, 2017, the Port of Palm Beach Board of Commissioners elected its new Chairman, Blair J. Ciklin, the longest serving Port Commissioner in the United States having completed his 38th year as a Port of Palm Beach District Commissioner in 2016. Since joining the Port of Palm Beach Board of Commissioners in 1977, as its youngest member, Ciklin has helped to guide the Port through many years of landmark growth and change. With a strong focus on fiscal responsibility, Ciklin’s proven record of success has always targeted new expanded revenue while curtailing Port expenditures. “The year ahead is filled with endless possibility and potential and I look forward to serving as Chair during this time of international outreach and growth,” said Chairman Ciklin.

01 Jun 2016

Fitch Upgrades Palm Beach Port's Bond Outlook to Positive

The Port of Palm Beach District is proud to announce that Fitch Ratings has revised the Rating Outlook on approximately $9.72 million of outstanding Port of Palm Beach District port revenue bonds, series 2005, from Stable to Positive. The report, released May 27, 2016, documented the port’s strengths, challenges and recent developments as the agency’s rationale for the ratings upgrade. The Positive Outlook recognizes the port's continued improvement in debt service coverage ratios (DSCRs) to a four-year average of 1.75x and robust liquidity position of over 300 days cash on hand (DCOH) since 2010. Both are expected to better position the port's financial profile to weather volatile economic conditions.

10 Oct 2015

Moody Upgrades Port of Palm Beach

The Port of Palm Beach District announced that Moody’s Investors Service, Inc. upgraded the Port of Palm Beach District senior rating to Baa3 from Ba1, and reported the outlook to be stable. The report, released October 2, 2015, documented the port’s strengths, challenges and recent developments as the agency’s rationale for the ratings upgrade. The upgrade to Baa3 recognizes the port’s sustained financial improvement due to successful contract renewals with its largest customers. The improved margins experienced over the last four fiscal years are expected to continue in the midterm, supported by tenant minimum annual revenue guarantee that improve the port’s cash flow predictability.

05 Jan 2010

Palm Beach Selects Florida Crystals as Partner

The Port of Palm Beach District selected Florida Crystals as its partner to develop the South Florida Regional Intermodal Logistic Center in western Palm Beach County in order to strategically meet the demands of future cargo traffic. Western Palm Beach County has struggled with soaring unemployment rates of more than 40 percent and little or no economic activity. The Inland Logistics Center has the potential to create 600 jobs per one million square feet of distribution space. "We are hopeful now that the local governments have spoken Governor Crist will put aside his recent differences with Florida Crystals and not continue to cause economic harm to the residents of western Palm Beach County," said Gaston Cantens, Vice President of Florida Crystals.

08 Feb 2002

Port of Palm Beach Opens New Office and Terminal

The Port of Palm Beach will celebrate the grand opening of the new 100,000 sq. ft. Cruise Terminal and Maritime Office Complex on February 11. Festivities will include the inaugural State of the Port Address before local, regional and state dignitaries and a tour of the new Cruise Terminal. The Port of Palm Beach District is an independent special taxing district of the state of Florida. The Port District, located in Palm Beach County and established in 1915 by the citizens of Palm Beach County, covers a land area of 971 square miles. The Port is one of the busiest container ports in Florida and continues to be an economic engine for Palm Beach County.