South Carolina Ports Authority (SCPA) Board of Directors approve its fiscal year 2014 financial plan.
During its regular monthly meeting, the Board approved the SCPA's fiscal plan for the coming 12 months. From July 1 to June 30, capital spending of $123 million will fund major infrastructure investments such as the new container terminal at the former Navy Base, new equipment to handle the increased size of ships in the port as well as other upgrades to existing facilities.
The largest single area of spending is for the South Carolina Inland Port in Greer, SC, with $29.1 million planned to cover the remaining SCPA share of the project. The new facility is slated for a September 2013 opening.
"Our public seaport system is an economic engine, spurring opportunity all across South Carolina," said Bill Stern, chairman of the SCPA Board. "The inland port will further expand the port's connection to the Upstate and will drive job creation and investment to that region."
The financial plan also projects a nearly six percent increase in container volume on the strength of new, weekly services commencing this summer and increased volume from existing services.