SC Ports Presents USD 277.6 Mn Capital Plan
The South Carolina Ports Authority has approved USD 277.6 million capital plan — the largest in SCPA’s history — for projects supporting terminal modernization, capacity increases and intermodal volume growth.
The largest capital expenditure in FY2019 is the Hugh K. Leatherman Terminal, for which the port will invest USD 117.1 million in construction, equipment, and the port’s share of the access road linking the terminal with I-26.
Other planned capital expenditures include USD 79.5 million in upgrades and modernization of the Wando Welch Terminal, USD 18.9 million at the North Charleston Terminal and USD 19 million for the construction of the new SCPA headquarters, opening at the end of the year.
“The capital expenditure plan approved by our board today reflects the port’s commitment to serving our customers with modern terminals and expanded capacity, projects that will be complemented by the deepening of our harbor to 52 feet,” Jim Newsome, SCPA president and CEO, commented.
In addition, the plan projects pier container volume, or boxes handled, of 1.305 million during FY2019, a five percent increase from the 1.24 million pier containers SCPA expects to handle in FY2018, ending June 30.
Fiscal year to date, SCPA’s container volumes are 2.3 percent higher than the same period last year with nearly 2 million TEUs handled since July. In the non-containerized cargo business segment, the port of Charleston has handled 677,516 tons of breakbulk cargo since the fiscal year began.
The plan also includes operating revenues of nearly USD 281 million for FY2019, reflecting a 12.4 percent increase above the USD 249.9 million in projected revenues for the current fiscal year.
“The financial plan for FY2019 reflects an exciting time for the port, in financial and volume growth as well as continued progress of the key capital projects that position our port and state for long-term economic success,” Bill Stern, SCPA Board Chair, said.
On June 20, SCPA officials welcomed leaders from Konecranes for a signing ceremony for the port’s purchase of 26 rubber-tired gantry (RTG) cranes. The USD 46.4 million contract includes 24 new RTGs for the Wando Welch Terminal to support plans to modernize operations and increase container yard capacity of existing terminal facilities. Inland Port Greer will receive two of the new cranes to support continued volume growth of the facility.