Business, Freight News

Galveston Wharves closes 2020 with positive cash flow

[ February 11, 2021   //   ]

The Galveston Wharves ended 2020 with a positive cash flow despite the pandemic and the related suspension of the port’s cruise business.

Officials attribute this to fewer expenses and success in generating additional revenues. In 2020 income from operations, grants and investments totaled $29 million, while expenses totaled just over $27 million, leaving Galveston Wharves with a positive cash flow of $2 million.

This is important because the port is a city-owned, self-sustaining entity.