SC Ports Authority reports strong performance in FY2015

South Carolina Ports Authority (SCPA) yesterday reported fiscal-year 2015 operating earnings of $30.4 million and revenue of $196.8 million, which marked "significant increases" compared with fiscal-year 2014's financial performance.

During FY2015, the authority more than doubled its operating earnings compared with the previous year, while operating revenue increased 20 percent. Total operating expenses were $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 Chairman Bill Stern in a press release.

The year-end financial news follows the authority's report that it logged a 14 percent increase in container volume in FY2015. SCPA handled 1.9 million twenty-foot equivalent units (TEUs) during the year, an increase of 231,473 TEUs over last year.

The FY2015 results continue the authority’s above-market growth trend, with 8 percent growth achieved in FY2014 and 9 percent in FY2013, officials said.

"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 President and Chief Executive Officer Jim Newsome.

The authority also posted a strong start to FY2016, having logged 175,223 TEUs in July, a 14 percent increase over the same month a year ago.

Also yesterday, the SCPA's board awarded construction contracts for the Wando Welch Terminal improvement project and the expansion of the refrigerated cargo yard at North Charleston Terminal. To address increasing volume at the Inland Port, the board authorized a transfer of three rubber-tired gantry cranes from the Wando Welch Terminal to the terminal in Greer, officials said.