WASHINGTON: The S.C. State Ports Authority board unanimously approved the highest capital plan in the port’s history when it unanimously passed its fiscal year 2017 financial plan on Wednesday. The board approved projections of spending $248 million for capital expenditures, which is about $83 million higher than fiscal year 2016.
The financial plan projects 6% growth in pier containers, or box volume, with about 1.175 million pier containers coming through the port; the port is expected to handle 1.1 million boxes this fiscal year.
While the trend of larger ships on order and the Panama Canal expansion are expected to slowly impact cargo volumes during fiscal 2017, the global economy has slowed trade worldwide and impacted Charleston port volumes. “Our volumes this fiscal year have flattened when compared to FY2015, and although we expect growth to continue to keep pace above the U.S. port market average, the plan for FY2017 reflects modest increases in pier container volumes,” Ports Authority President and CEO Jim Newsome said in a statement.
The port also plans operating revenues of $226.1 million for fiscal year 2017. This is a projected 7% increase above the current fiscal year’s operating revenues, which are expected to reach $211.8 million by June 30. The plan also anticipates $40.8 million for operating earnings. Additionally, strong growth is expected to continue at the S.C. Inland Port in Greer. The fiscal year 2017 plan anticipates 109,000 rail moves, a 23% increase over fiscal year 2016 projected totals.
