Posted on June 29, 2017
The South Carolina Ports Authority (SCPA) board of directors adopted a 2018 fiscal year financial plan that includes six percent pier container growth, USD 251.1 million operating revenues, USD 44.1 million operating earnings, and capital expenditures of USD 262.3 million.
The plan projects pier containers, or box volume, of 1.263 million during FY2018, a six percent increase from the 1.19 million boxes SCPA is expected to handle this fiscal year.
Planned operating revenues for FY2018 reflect a 9.4 percent increase above the current fiscal year, which are expected to reach USD 229.4 million when the period ends on June 30.
“The port’s FY2018 financial plan reflects continued success of our state port system, both in volume growth and progress of key capital projects,” Pamela Lackey, SCPA Board Chair, said.
“This fiscal year will be an extremely significant period for the port, marking the beginning of harbor deepening construction, completion of the Wando Terminal wharf project, and continued construction of the Leatherman Terminal,” Lackey added.
Under the USD 262.3 million capital plan, SCPA intends to invest USD 54 million in site development, construction and equipment, and related expenses for construction of the Hugh K. Leatherman Terminal, a new container terminal slated to open in 2020.
Other primary capital expenditures planned include USD 86.3 million in upgrades to the Wando Welch Terminal, including the completion of the wharf modernization project, USD 32.2 million for the construction of Inland Port Dillon, and USD 23.3 million for the construction of the new SCPA corporate office.
“SCPA is handling larger volumes than ever before, and our plans for the new fiscal year enable our existing facilities to handle big ships. This is the largest capital expenditure plan in our history, encompassing a number of projects that collectively will enhance the service of our port,” Jim Newsome, SCPA president and CEO, commented.
SCPA’s TEU volume is up 9.4 percent in the fiscal year to date with 1.96 million TEUs moving across the docks in Charleston since July. The port handled 182,452 TEUs last month, marking the strongest May in port history.
As measured in pier containers, or total boxes, SCPA moved 103,462 containers in May. Additionally, the port has handled 1.1 million pier containers in the fiscal year to date.
Source: World Maritime News
