SCPA Approves $262.3M Capital Plan
South Carolina Ports Authority Board of Directors yesterday adopted a 2018 fiscal year financial plan that includes six percent pier container growth, $251.1 million operating revenues, $44.1 million operating earnings, and capital expenditures of $262.3 million.
“The Port’s FY2018 financial plan reflects continued success of our state port system, both in volume growth and progress of key capital projects,” said SCPA Board Chair Pamela Lackey.
According to SCPA Board Chair, 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.
“We are well-positioned to build upon South Carolina’s economic development successes and remain competitive in the evolving landscape of the U.S. port industry,” said Pamela Lackey.
The Board approved the $262.3 million capital plan, the largest in the SCPA’s history, with expenditures projected $14.3 million higher than FY2017.
Jim Newsome, SCPA president and CEO commented that this is the largest capital expenditure plan in SCPA history, encompassing a number of projects that collectively will enhance the service of the port.
SCPA will invest $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 $86.3 million in upgrades to the Wando Welch Terminal, including the completion of the wharf modernization project; $32.2 million for the construction of Inland Port Dillon, opening during the spring of 2018; and $23.3 million for the construction of the new SCPA corporate office.