The South Carolina Ports Authority board of directors has approved its fiscal year 2014 plan, which includes volume increases across business segments and $123 million in capital spending on a number of projects.
From July 1, 2013, to June 30, 2014, capital spending will fund infrastructure investments such as the new container terminal at the former Navy Base, new equipment to handle the increase size of ships in port and upgrades to existing facilities. The largest investment will be for the South Carolina Inland Port in Greer, S.C., with $29.1 million planned to cover the remaining SCPA share of the project. The new facility is scheduled to open in September.
The financial plan also projects a nearly 6 percent increase in container volume on the strength of new, weekly services commencing this summer and increased volume from existing services.
“Above-market growth is essential to carrying out our aggressive investment plans over the coming years,” said Jim Newsome, president and CEO of the SCPA, in a written statement. “As post-Panamax ships continue to be deployed in the Port of Charleston, our deep shipping channels and dockside infrastructure become even more critical. Our plan reflects investments that will keep our ports competitive as our customers decide where to place service strings and route cargo.”