SCPA Okays $113.5 Mln Infrastructural Investment
- Business & Finance
Building upon the record-setting May volumes announced recently, the South Carolina Ports Authority (SCPA) Board of Directors has approved a 2015 fiscal year plan that includes across-the-board increases in cargo volumes, operating revenues and capital investments.
Plans for the new fiscal year beginning July 1 include 975,000 pier container moves, representing a 3.4% increase in pier container volume over estimated FY2014 totals.
Pier container volumes have experienced strong growth in recent months with May, as the busiest month since March 2007.
In non-containerized cargo business segments, the plan includes breakbulk tonnage increases of 9.8% in Charleston and 0.5 % in Georgetown, driven largely by strong performance of state manufacturers.
Operating revenues are expected to reach $172.8m in FY2015, up $13.2m from projected FY2014 totals.
The Board approved capital investments of $113.5m for the fiscal year. Projects over the next twelve months include improvements and enhancements to existing terminal systems and infrastructure as well as approximately $20m in Navy Base Terminal construction costs.
“Volume across all business segments continued to grow through the 2014 fiscal year, giving us the confidence to approve this aggressive plan,” said SCPA Board Chairman Bill Stern.
“Our port’s performance is a strong reflection of our state’s economic development successes, and it positions us well to serve imports and exports for our nation.”
June 19, 2014