Kingston Wharves Limited (KWL), following the build-out of its terminal and logistic infrastructure accompanied by the use of technology, said that it is working to strengthen its competitiveness while positioning its port operation as a key gateway in the Caribbean.

Reporting increased revenues of $9.5 billion at the end of its 2022 financial year — 9 per cent above the prior year — the company said it continues to make capital investments in an effort to improve the functionality of its logistics space and to drive the efficiency of services, this even after incurring major FX losses due to an appreciation of the Jamaican dollar in 2022.

“We continue to develop our infrastructure and digital architecture through a structured programme of berth redevelopment and off dock warehouse construction aimed at relocating cargo storage facilities [and in turn increasing the available yard space on our terminal].

“The berth 7 redevelopment project is progressing well, and destined to deliver modernised berthing capacity, efficiency, and enhanced experience to shipping lines that call our terminal. Specifically, the project will see the expansion of the main berthing area to simultaneously service two post panamax vessels,” Chairman Jeffery Hall said in the company’s annual report to shareholders.

Having invested over US$60 million to undertake berth redevelopment activities and to expand its warehousing space, the port operator is pushing to make its operations more nimble as it looks to take advantage of the growth in nearshoring opportunities.

Touted as a leading motor vehicle transhipment hub and auto logistics provider, KWL through its terminal operations division continues to make significant contributions to the company’s results — accounting for over 70 per cent of revenues and profits. Operating revenues from this segment up to the end of last year amounted to $7.6 billion, a 12 per cent year-on-year increase. On the other hand, contributions from the logistic services division also went up some seven per cent to total $3 billion, $2 million above the prior year.

“KWL handled increased volumes of a number of cargo types in 2022 and experienced a particularly strong year in its transhipment business,” the report noted.

Total assets up the end of December 2022 totalled $42.7 billion

With operations significantly bolstered by technology and e-commerce options, the company is also now able to forge greater customer engagements in executing efficient cargo deliveries.

“I believe that our strong foundation, solid investments and robust strategic plan will continue to act as a platform for growth and profitability,” Hall said in an outlook.