Charleston, SC - On the heels of announcing its fiscal year 2013 volume results at July's meeting, including a nine percent gain in container volume and a more than 14 percent increase in non-containerized cargo at its two ports, the South Carolina Ports Authority (SCPA) reported today its financial results for the year that ended June 30.
Operating revenues at the agency closed at $140.49 million for the 12-month period, seven percent ahead of the previous fiscal year's $130.95 million. The SCPA's FY2013 operating expenses were $127.77 million, leaving operating earnings of $12.72 million, which was a net gain of $5.45 million from the previous year.
"Given our aggressive capital investments over the next several years, it is essential to maintain a solid financial position and a steady stream of funds toward these important projects," Newsome said.
The SCPA is now two years into its 10-year, $1.3-billion capital plan that includes new equipment for handling the largest ships in the world's trade, upgrades to existing terminals, information systems and new facilities like the South Carolina Inland Port in Greer.
Progress on the 100-acre Upstate site has continued at a fast pace, and Monday marked the arrival of the first rubber-tired gantry (RTG) crane components to the facility. The SCPA is relocating three RTGs from Charleston to Greer in order to stack grounded containers in the inland port's storage yard. The first cargo is expected to arrive at the terminal in mid-October.
The largest single area of spending in the SCPA's capital plan is for the Navy Base Terminal, currently under construction in North Charleston. The facility's first major fill project - the $46-million upland and wall fill contract - is slated for completion by spring of 2014. At build out, the terminal will boost container capacity in the Port of Charleston by 50 percent.
South Carolina's public seaports posted gains in both the container and breakbulk segments in July, the SCPA reported today.
The Port of Charleston handled 136,159 20-foot equivalent units (TEUs) at its two container terminals last month, the strongest July since 2008. This represents a more than three percent gain over the same month last year and a 20 percent increase from July 2011. "
"The new and upsized services announced in recent month are starting up in earnest, and we will see the full result of those calls in fiscal year 2014," said Jim Newsome, the SCPA's president and CEO. "Heading into what is traditionally the peak season for imports, we are optimistic that Charleston will continue to post gains, and we expect that exports also will remain strong."
Non-containerized cargo across the SCPA's facilities in Charleston and Georgetown also rose in July.
In the Port of Charleston, the SCPA handled 51,375 tons of breakbulk cargo, a nearly four percent gain from the same month last year. Union Pier Terminal has experienced the greatest gains in tonnage, due to shipments of steel and wire rod and coil being shipped through the facility.
In the Port of Georgetown, the SCPA handled 59,731 pier tons in non-containerized cargo, a nearly 70 percent increase from the same month last year. The port's top commodities are bulk cement, petroleum coke and steel.
For more information:
Allison Skipper, APR
Manager, Public Relations
South Carolina Ports Authority
843-577-8121
www.scspa.com