A new financial plan for the year 2017 will see ports in South Carolina register 6 percent pier container growth, $226.1 million in operating revenues, $40.8 million in operating earnings and capital expenditures of $248 million.
The plan was developed and adopted by the South Carolina Ports Authority (SCPA) board of directors.
The plan estimates box volumes at 1.175 million in 2017. Significant growth at Port Greer is also expected, and rail moves are projected to increase 23 percent over 2016. The estimated operating revenues of $226.1 million translate to a 7 percent increase.
“The 2017 plan reflects continued success of our state port system,” SCPA board chair Pat McKinney said. “The year ahead is an exciting time for our port and state, with construction on our harbor deepening project to 52 feet to begin, as well as significant progress on the Leatherman Terminal and other improvements to existing terminals expected. We are well-positioned to meet the evolving landscape of the U.S. port industry.”
SCPA investments for 2017 will include $93.7 million for the Hugh K. Leatherman Terminal, which will open in 2019; $78.9 million in upgrades to the Wando Welch Terminal; $16 million in surface improvements to the Columbus Street Terminal; and $5.1 million for the development of a second inland port in Dillon, South Carolina.
“Our volumes this fiscal year have flattened when compared to FY 2015, and although we expect growth to continue to keep pace above the U.S. port market average, the plan for FY 2017 reflects modest increases in pier container volumes,” SCPA President and CEO Jim Newsome said.
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