SC Ports Authority Reports Strong Performance - Global Trade Magazine
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  August 27th, 2015 | Written by

SC Ports Authority Reports Strong Performance

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  • SCPA more than doubled its previous fiscal year's operating earnings.
  • CEO: SCPA is well-positioned to continue with key strategic projects and above-market growth.
  • SCPA awarded construction contracts for the expansion of a refrigerated cargo yard.

The South Carolina Ports Authority reported 2015 fiscal year-end operating earnings of $30.4 million and revenues of $196.8 million, significant increases over the previous year’s financial performance.

From July through June, SCPA more than doubled its previous fiscal year’s operating earnings of $14.3 million, while operating revenues increased 20 percent over FY2014 revenues of $32.6 million. Total operating expenses for the 2015 fiscal year totaled $166.3 million.

“The strong financial performance achieved during the 2015 fiscal year reflects the SCPA’s focus on achieving the growth required to execute its aggressive capital investment plan,” said SCPA Board Chairman Bill Stern.

The report comes on the heels of 14 percent FY2015 container volume growth reported last month. SCPA handled 1.9 million twenty-foot equivalent units (TEUs) during the period, an increase of 231,473 TEUS over the previous fiscal year. The fiscal year results continue SCPA’s above-market growth trend, with 8 percent growth achieved during the 2014 fiscal year and 9 percent the prior year.

“With 14 percent container volume growth and operating cash flow well above plan, SCPA is well-positioned to continue moving forward with key strategic projects and above-market growth,” said SCPA president and CEO Jim Newsome.

SCPA also reported a strong start to the 2016 fiscal year, handling 175,223 TEUs in July for an increase of 14 percent over the same month last year. Calendar year to date, TEU volumes are up 14.2 percent over last year with 1.17 million TEUs handled since January.

Non-containerized cargo volumes were positive in July, with 83,440 tons moved during the month, 47.7 percent higher than planned breakbulk volumes. Tonnage was also ahead of plan at Georgetown in July, with 80,500 tons handled.

The Inland Port achieved record volumes in July, with 7,567 rail moves completed during the month. Growth at the facility has been strong since it opened in November 2013, and during its first full fiscal year of operation in FY2015, the Inland Port handled 58,407 total rail moves.

In other news, the SCPA board awarded construction contracts for the Wando Welch Terminal improvement project and the expansion of the refrigerated cargo yard at North Charleston Terminal.