Port of Long Beach — Finance Overview
Summary of Port of Long Beach financial position, credit metrics, and operational performance. For financial analysis, see our detailed Port of Long Beach profile.
Summary Article — See Detailed Profile
This article provides a brief summary of Port of Long Beach finance. For financial analysis, bond structure, capital programs, and detailed credit analysis, see our detailed Port of Long Beach profile.
Summary data sourced from EMMA, Port of Long Beach CAFR, official statements, and published credit ratings from Moody's, S&P, and Fitch. For full source documentation, see detailed profile.
2025-02-27 — Complete rewrite to correct capital program understatement ($40-60M/year → $3.2B 2026-2035 CIP). Added TIFIA subordinate financing reference and Pier B Rail $1.8B details. Condensed to summary with redirect to detailed profile.
Executive Summary
POLB ranks as the second-busiest U.S. container port by TEU volume (9.9 million TEUs in CY2025, an all-time record), behind Port of Los Angeles. Combined San Pedro Bay ports (POLA+POLB) form the largest U.S. port complex. POLB's prior peak was approximately 9.38 million TEUs (CY2021); volumes dipped to ~9.13M in CY2022 and ~8.1M in CY2023 before recovering to 9.65M TEUs in CY2024—surpassing the prior 2021 peak—and setting the current all-time record of 9.9M TEUs in CY2025. The Port operates as a revenue-bond-financed enterprise using a gross revenue pledge structure (stronger than net revenue pledge).
Credit Ratings (All Stable Outlook): Senior Revenue Bonds — S&P AA+ | Moody's Aa2 | Fitch AA. TIFIA Subordinate — S&P AA | Fitch AA-. Senior ratings are in the AA/Aa2 category, which is the highest rating category assigned to large U.S. seaports as of 2024.
Key Financial Metrics:
- Debt Service Coverage Ratio (Internal Policy Target): 2.0x minimum; Actual: approximately 3.0x average from FY2017–2023
- POLB-specific outstanding debt is approximately $1.7 billion (including TIFIA).
- "Liquidity policy targets 600 days cash on hand as of FY2024 Liquidity Policy (POLB CAFR)."
- Gross Revenue Pledge: All available operating revenues (before O&M expense deduction)
- 2026-2035 Capital Improvement Plan: $3.2 billion — among the larger capital programs in absolute terms among major U.S. container ports (including POLA, GPA, Port Houston, Port of Seattle, and VPA), based on disclosed 10-year CIPs as of 2024
Major Capital Initiative: Pier B On-Dock Rail Support Facility ($1.8 billion, planned groundbreaking; completion ~2031) will increase rail capacity from 1.5M to 3.5M TEUs annually—a 133% increase. (The total port rail capacity post-project is projected at 4.7M TEUs.)
Key credit supports include: Second-busiest U.S. container port by TEU volume (9.9 million TEUs in CY2025, an all-time record); gross revenue pledge structure; approximately 85% of FY2024 operating revenues from long-term terminal leases (POLB FY2024 CAFR) which rating agencies have cited as providing revenue predictability due to long-term lease durations and renewal track record (per rating agency reports, 2024); Senior revenue bond ratings: S&P AA+ / Moody's Aa2 / Fitch AA (all stable outlook as of Feb 2025). Risks: $3.2B CIP assumes 2-3% annual TEU growth per POLB FY2024 10-Year Forecast; Pier B project execution carries large-scale infrastructure execution risks; tariff-driven volume volatility; POLB may require additional debt issuance for its CIP, per 2024 official statements.
Detailed Analysis Available
This summary article covers the financial metrics for the Port of Long Beach. For in-depth analysis including:
- Detailed entity overview, governance, and fiscal structure
- Operational performance, cargo mix, and throughput analysis
- Complete bond structure, gross revenue pledge mechanics, TIFIA financing, and debt profile
- Pier B Rail project details, funding strategy, and execution timeline
- 2026-2035 capital program breakdown and competitive positioning
- Full credit analysis with lease revenue stability, use metrics, and covenant analysis
- Tariff policy exposure and volume volatility risk factors
Please refer to our detailed Port of Long Beach Financial Profile.
Related DWU AI Articles
- Port of Long Beach (POLB) — Detailed Financial Profile — financial analysis with bond structure, Pier B Rail project, and capital program details
- Port of Los Angeles (POLA) — Financial Profile
- Port Revenue Bonds and Finance
- Container Port Economics
- Tariff Policy and Trade Wars — Port Revenue Impact
This analysis was prepared with AI-assisted research by DWU Consulting. It is provided for informational purposes only and does not constitute legal, financial, or investment advice. All data should be independently verified before use in any official capacity.
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