USA: SCPA Continues Preparations for Harbor Deepening

The South Carolina Ports Authority has reported 2014 fiscal year-end operating earnings of $14.3 million, 20.7 percent over the organization’s financial plan.

From July through June, the SCPA posted operating revenues of $164.1 million, an increase of nearly 17 percent over the previous fiscal year. FY2014 expenses totaled $149.9 million.

With the Port’s aggressive capital plan for the next several years, a solid financial performance is essential,” said SCPA Board Chairman Bill Stern. “The strong 2014 fiscal year revenues reported today reflect that the SCPA remains focused on the growth necessary for these important projects.”

Last month the SCPA announced 8 percent container growth for the fiscal year, handling 1.7 million twenty-foot equivalent units (TEUs) for an increase of 2 percent over plan. These results follow 9 percent increases the previous fiscal year and continue the SCPA’s growth trend of more than double the market average.

Looking ahead, major initiatives for the SCPA this fiscal year include continued work on harbor deepening, with the draft Environmental Impact Statement scheduled to be released this fall; construction on the Wando Welch Terminal wharf refurbishment project to begin in April 2015; and efforts to restructure container contracts and refine capital planning.

The last quarter of the 2014 fiscal year was the strongest the SCPA has seen in seven years,” said SCPA president and CEO Jim Newsome. “We are well-positioned to continue moving forward with key strategic projects and continued above-market growth.”

Press Release, August 21, 2014

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