SC Ports’ Earnings, Volumes Surpass Plans

Posted by Eric Haun
Wednesday, August 20, 2014
Photo: SC Ports Authority

July cargo volumes deliver strong start to new fiscal year

SC Ports Authority reported 2014 fiscal year-end operating earnings of $14.3 million, 20.7 percent over the organization's financial plan.

From July through June, the SCPA posted operating revenues of $164.1 million, an increase of nearly 17 percent over the previous fiscal year. FY2014 expenses totaled $149.9 million.

"With the Port's aggressive capital plan for the next several years, a solid financial performance is essential," said SCPA Board Chairman Bill Stern. "The strong 2014 fiscal year revenues reported today reflect that the SCPA remains focused on the growth necessary for these important projects."

Last month the SCPA announced 8 percent container growth for the fiscal year, handling 1.7 million twenty-foot equivalent units (TEUs) for an increase of 2 percent over plan. These results follow 9 percent increases the previous fiscal year and continue the SCPA's growth trend of more than double the market average.

"The last quarter of the 2014 fiscal year was the strongest the SCPA has seen in seven years," said SCPA president and CEO Jim Newsome. "With an 8 percent container volume increase and operating cash flow well above plan, we are well-positioned to continue moving forward with key strategic projects and continued above-market growth."

The SCPA's rail drayage program saw expanded participation by all major shipping lines in FY2014, demonstrating Charleston's capabilities as a rail-competitive port. Rail dray volume increased 136 percent over the previous fiscal year.

FY2014 was also marked by 17 percent growth of the SCPA's refrigerated cargo segment. The Charleston area's cold storage capacity is on the rise, with three cold storage companies recently announcing plans to construct or grow existing facilities to support expansion of this market.

Looking ahead, major initiatives for the SCPA this fiscal year include continued work on harbor deepening, with the draft Environmental Impact Statement scheduled to be released this fall; construction on the Wando Welch Terminal wharf refurbishment project to begin in April 2015; and efforts to restructure container contracts and refine capital planning.

July Volumes
Volumes first month of the new fiscal year were positive, with pier containers up nearly 14 percent over July 2013.

As measured in twenty-foot equivalent units (TEUs), July volumes exceeded plan by 11 percent. The SCPA handled 153,916 TEUs during the month, a 13 percent increase over 138,601 TEUs seen in July 2013. Calendar year to date TEU volume reached 1,026,372 last month, up 11 percent from the same period last year.

July breakbulk cargo volumes also saw increases over 2013 levels. Charleston moved 55,485 pier tons, an increase of 8 percent over last July, and monthly volumes were also up 19 percent in Georgetown, with 71,135 pier tons moved. 

scspa.com
 

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

China Passes New Pollution Law, Will Cap Coal Consumption

Legislators have approved amendments to China's 15-year-old air pollution law that grant the state new powers to punish offenders and create a legal framework to cap coal consumption,

Marad Celebrates Deployment of Maritime Fuel Cell Project

The U.S. Department of Transportation’s Maritime Administration (MARAD) today celebrated the launch of field trials for the first prototype hydrogen fuel cell

Gazprom, OMV Meet on Establishing Nord Stream JV

At a Meeting held at the Gazprom headquarters between Alexey Miller, Chairman of the Company's Management Committee and Rainer Seele, Chairman of the Executive Board of OMV,

Ports

DP World Profit Up 22%

Global marine terminal operator DP World today announced strong financial results from its global portfolio of marine terminals for the six months to 30 June 2015,

Panama Canal Suspends Draft Restriction

The Panama Canal Authority (ACP) has lifted scheduled vessel draft restrictions brought on by lingering draught conditions in the region.   The ACP had previously set restrictions of 11.

Carnival Ramping Up in New Orleans

Carnival on track for record year from Port of New Orleans in 2015; expects to embark 3 millionth passenger post-Katrina next year   New Orleans’ number one cruise

Finance

TASI Acquires SignalFire Telemetry

TASI HOLDINGS INC. announced today it has completed the acquisition of all shares of SignalFire Telemetry, located in Hudson, Massachusetts.  This new acquisition

DP World Profit Up 22%

Global marine terminal operator DP World today announced strong financial results from its global portfolio of marine terminals for the six months to 30 June 2015,

Med Crude-Russian Urals Edges Lower in Med, Baltic

Russian Urals crude weakened in the Mediterranean and in the Baltic on Friday, while trading activity was limited ahead of a long holiday weekend in Britain, traders said.

News

China Passes New Pollution Law, Will Cap Coal Consumption

Legislators have approved amendments to China's 15-year-old air pollution law that grant the state new powers to punish offenders and create a legal framework to cap coal consumption,

Marad Celebrates Deployment of Maritime Fuel Cell Project

The U.S. Department of Transportation’s Maritime Administration (MARAD) today celebrated the launch of field trials for the first prototype hydrogen fuel cell

Gazprom, OMV Meet on Establishing Nord Stream JV

At a Meeting held at the Gazprom headquarters between Alexey Miller, Chairman of the Company's Management Committee and Rainer Seele, Chairman of the Executive Board of OMV,

Logistics

Gazprom, OMV Meet on Establishing Nord Stream JV

At a Meeting held at the Gazprom headquarters between Alexey Miller, Chairman of the Company's Management Committee and Rainer Seele, Chairman of the Executive Board of OMV,

Migrant Boat Sinks off Libya; 200 Feared Dead

A boat packed with mainly African migrants bound for Italy sank off the Libyan coast on Thursday and officials said up to 200 might have died. A security official in the western town of Zuwara,

Oil Steadies as Equities Rally

Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year

 
 
Maritime Contracts Maritime Security Naval Architecture Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3953 sec (3 req/sec)