Sustaining above-market box volume growth, achieving the deepest harbour on the US east coast and investing in infrastructure tops the priority list in South Carolina Ports Authority's (SCPA) five-year plan, according to Shipping Gazette.
In his annual State of the Ports address, SCPA president and CEO Jim Newsome reported a 15 per cent year-on-year increase in container volume in fiscal 2015, increasing throughput to 1.9 million TEU.
The authority, which runs the Port of Charleston, more than doubled operating profit to US$30.4 million for fiscal 2015, which was drawn on revenues of $196.8 million, a 20 per cent increase year on year.
"From a competitive standpoint, we offer the best product at the lowest cost in the US port industry. Our above-market growth is an achievement of a strong and visible global brand," he said.
Separately, the 52-foot Charleston Harbour Deepening Project has won its final substantive approval required for the project to progress through construction from the US Army Corps of Engineers.
Lt Gen Thomas Bostick, CO of the corps, made his report to the Secretary of the Army outlining his recommendation to deepen the Charleston Harbour channel to 52 feet and entrance channel to 54 feet, as well as enlarging turning basins to accommodate for postpanamax vessels.
The report now moves to the Office of Management and Budget for review and then to Congress for review and authorisation, expected early next year.
"Receipt of the Chief's Report is tremendous news for SCPA," said Mr Newsome. "By the end of the decade, we will achieve 52 feet of depth and Charleston will be the deepest harbour on the east coast."
Port of Charleston breakbulk volume grew seven per cent above expectations, with 900,000 pier tons handled during FY2015. A record-breaking 253,338 vehicles moved across SCPA docks, up 15 per cent from the previous record of 219,900 vehicles in FY2008.
Mr Newsome also spoke of SCPA's 75 per cent increase in revenue from US$112 million in FY2010 to $196 million in FY2015. During that time, operating profit went $8.4 million to $30 million and containers handled, increased from 741,000 to 1.09 billion.
Charleston, he said, is preparing for the future when 90 per cent of new ships will be 7,500 TEU or more and shippers will become increasingly dependent on ports that offer deep and wide harbour facilities with good access.
The expansion of the Panama Canal and raising of the Bayonne Bridge in New Jersey, both slated for completion next year, will also bring postpanamax vessels to the southeast in greater frequency.
The SPCA, established by the state's General Assembly in 1942, owns and operates public seaport facilities in Charleston, Georgetown and Greer, handling international commerce valued at more than $63 billion annually while receiving no direct taxpayer subsidy.
