South Carolina Ports Expect Continued Growth in 2015
Ariana Lindquist/Bloomberg News
The South Carolina Ports Authority said it expects a 3.4% increase in container volume in fiscal 2015 and revenue to increase $13.2 million to $172.8 million.
The ports authority passed a 2015 fiscal plan June 18 that includes across-the board increase in container volume, operating revenue and capital investments.
“I’m confident our volumes will continue to grow above the market average,” said Jim Newsome, SCPA president. “Revenues will also increase thanks to strength across all cargo segments and success at the Inland Port.”
The plan includes an expected 9.8% increase in breakbulk tonnage at the Port of Charleston and a 0.5% rise in the Georgetown port, driven by strong performance of state manufactures, according to the port authority.
The SCPA reported it handled 161,658 20-foot-equivalent units in May a 6.5% increase from the prior month. It has processed 1.53 million TEUs in its fiscal year, with one month remaining. May’s TEU volume represented a 16.2% increase over a year ago.
The increase in TEUs pushed its fiscal year 2014 volumes up by 7% year-over-year.
“Volume across all business segments continued to grow through the 2014 fiscal year, giving us the confidence to approve this aggressive plan,” SCPA board chairman Bill Stern said in a statement. “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.”
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