Ports of Indiana hits near-record shipments in 2023
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The Ports of Indiana recorded a near record amount of cargo in its 63-year history in 2023. The port authority said this week that 12.6 million tons of cargo made it through the state’s three ports, a 6% increase over the previous year and second only to the record 14.8 million tons set in 2018.
CEO Jody Peacock says last year’s numbers can be attributed to the diverse array of cargo that makes it through Indiana every year, as well as the groups of companies currently located at the ports.
Peacock told Inside INdiana Business the state has a robust maritime economy to the surprise of many.
“Our economy ranks 12th in the nation in waterborne shipping, which is pretty hard to fathom for a state that many people think is is landlocked, and we’re so far from an ocean,” he said. “But we really see that as an advantage because we’ve got direct access to the inland waterway system on the Ohio River, and we’ve got access to the Great Lakes on Lake Michigan.”
The Ports of Indiana-Mount Vernon saw the largest single cargo increase in 2023 with coal exports jumping 78% over the previous year. Fertilizer increased more than 11% overall, with double-digit gains at the ports in Mount Vernon and Jeffersonville.
The impressive numbers came amid several headwinds in 2023, Peacock said. An extended lock closure on the Illinois River, near-record low water levels on the Mississippi River, and a weeklong work stoppage by Canadian St. Lawrence Seaway workers.
“We had several terminal operators that were in a transition period, and now that that transition is over, it sets us up very well for 2024,” said Peacock.
The ports are currently undergoing $60 million in infrastructure projects that are being funded through federal five federal grants. Peacock said having those grants are helping to expand the ports in ways that weren’t possible a few years ago.
“We’re expanding our docks. We’re adding bulk terminals. We’re expanding our rail. Just this past year, we’ve got a grant for a new crane that we’re putting into Mount Vernon; it’s our first federally funded grant we’ve had at that port ever,” he said. “So it’s a pretty exciting time to be able to get these projects that are going to help our ports grow, going to assist our companies and create a more strategic competitive advantage for Indiana businesses.”
Rail shipments also saw significant growth in 2023, the port authority said. Rail carloads increased 28% year-over-year at all three ports with just over 65,000 rail cars being handled. The Mount Vernon led the way with nearly 40,000 rail cars, up 42% from 2022.
“We give our companies ways to connect to the various transportation systems. So rail is a key component of our operations,” Peacock said. “For us, it’s good to see all modes growing; that’s an indication that our economy is building. We tend to be a leading indicator for a lot of the economic measures in our region.”
A study released in September found that the ports in Mount Vernon, Jeffersonville, and Burns Harbor support more than 49,000 jobs and generate $8.7 billion in economic impact for the state.
This year, Peacock says he is cautiously optimistic about the trends that cargo shipments are heading.
“We’re getting positioned for long-term growth at these ports by getting the operators in the places they need to be, getting the infrastructure they need, giving the investment to the ports where it needs to grow,” he said. “And so we’re very excited about the outlook for our ports for many years to come.”