The Steam Packet Company says last month saw a 6% increase in foot passengers compared to February 2008.
Vehicle traffic rose 1.2% despite the fact it was a leap year, which made the month a day longer.
The company says that while the global economic climate is continuing to create testing conditions for many businesses, it is encouraged by the latest figures.
Chief executive Mark Woodward says the company expects to see a year-on-year reduction in passenger numbers next month, given that the important Easter period falls in April.
'Too early to tell' what caused fire
Firefighting foam may have killed fish in Silverburn River
Additional road closure for TT filming ahead of MGP qualifying
'Knives and sharp implements' left outside charity shops