South Carolina ports log higher volume, earnings in FY2016

The South Carolina Ports Authority (SCPA) this week reported $211 million in revenue, $39 million in operating earnings and $172 million in operating expenses for its full fiscal-year 2016.

The port's financial results for the year ending June 30 were "solid," and reflected the authority's commitment to achieve a performance level that supports its aggressive capital investment plan, said SCPA Chairman Pat McKinney in a press release.

In FY2016, SCPA handled a container volume of 1.9 million twenty-foot equivalent units (TEU), a 1.4 percent increase over FY2015.

"With modest container volume growth in spite of a tepid world economy and operating earnings up over last year, SCPA is well-positioned to continue moving forward with key strategic projects and above-market growth," said SCPA President and Chief Executive Officer Jim Newsome.

The SCPA started FY2017 strong, with a 1.2 percent increase in TEU volume compared with the same month last year. The port handled 177,265 TEU in July, compared with 175,223 TEU in July 2015.