SC Ports Authority Reports Improved Financial Results

Maritime Activity Reports, Inc.

August 19, 2015

Photo: SC Ports Authority

Photo: SC Ports Authority

SC Ports Authority Posts $30.4 Million in Operating Earnings, $196.8 Million in Revenues for FY2015; Community Giving Program Awards $81,000 in Grants to 42 Charitable Organizations 
 
Today SC 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 positive financial 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.
 
July Volumes
SCPA 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. 
 
As measured in pier containers, SCPA handled nearly 100,000 boxes last month for a gain of 12.8 percent over July 2014. 
 
Non-containerized cargo volumes were positive in July, with 163,490 pier tons handled. Charleston moved 83,440 tons during the month, 47.7 percent higher than planned breakbulk volumes for the month. 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. 
 
Board Action
In action items, the Board awarded construction contracts for the Wando Welch Terminal improvement project and the expansion of the refrigerated cargo yard at North Charleston Terminal.
 
To meet growing volume demand at the Inland Port, the Board approved a transfer of three rubber-tired gantry cranes from the Wando Welch Terminal to the terminal in Greer. 
 
Community Giving Awards
SCPA announced $81,000 in grants to 42 charitable organizations through its annual Community Giving Program, which provides grant support in regions where SCPA operates in order to positively impact maritime commerce, economic development, the environment, and educational and community needs.
 
"The port's mission extends beyond maritime commerce and economic development activities," said Newsome. "Community Giving is an important program that enables us to be a strong community partner and neighbor. From a large pool of worthy applicants, the organizations selected to receive grant funds will support critical programs and initiatives in the communities where we operate."
 
Recipients of a $5,000 grant included Charleston Waterkeeper, Chucktown Squash Scholars and Daniel Morgan Technology Center. Charleston Waterkeeper, whose mission is to protect and restore Charleston's waterways for the community and future generations, will utilize the grant to administer two months of laboratory water quality testing as part of the Recreational Water Quality Testing Program. 
 
Chucktown Squash Scholars, an after-school youth development program that integrates the sport of squash with academic tutoring, literacy development, fitness education and community service, will utilize SCPA funds to administer its mentoring program for 50 students at three Charleston County School District Title One schools. 
 
Daniel Morgan Technology Center, South Carolina's only secondary career center offering a global logistics program, will utilize the grant funds to purchase classroom equipment needed to deliver supply chain and logistics courses for Spartanburg High School and Broome High School students.
 
Other recipients earned $2,500 and $1,000 grants for numerous programs and efforts including mentoring, free book programs and STEAM (science, technology, engineering, arts and math) education; hunger relief and emergency assistance; litter collection and environmental monitoring programs; and community health programs. 
 
Grant recipients include: 
 
American Red Cross
Be a Mentor
Camp Rise Above
Charleston Gaillard Management Company
Charleston Habitat for Humanity
Community Pride, Inc.
East Cooper Meals on Wheels
Engaging Creative Minds
Friends of Coastal South Carolina
Friends of Keep Charleston Beautiful
Greater Charleston Business Alliance
Greer Relief & Resources Agency
Harvest Hope Food Bank
Hospice and Palliative Care Foundation
Jasper County First Steps
Junior Achievement of Central South Carolina
Lowcountry Food Bank
LowCountry Habitat for Humanity
Lowcountry Maritime Society
Lowcountry Orphan Relief
Metanoia
Palmetto Project/BEGIN WITH BOOKS
Reach Out and Read Carolinas
Redux Contemporary Art Center
Roscoe Reading Program 
South Carolina Aquarium
South Carolina Maritime Museum
Ten at the Top
The Partners for a Better Community
The Salvation Army, Charleston Corps
The Village Group
Trident Literacy Association
United Ministries
Upstate Forever
USS Yorktown Foundation
Ward Leigh Foundation
Water Missions International
WINGS for kids
Wounded Nature - Working Veterans
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