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NC Ports, 2018 FY financial results

North Carolina Ports moved a record number of containers through the Port of Wilmington during the 2018 fiscal year, which ended June 30. Wilmington recorded 38 percent year-over-year container growth and year-over-year general cargo growth is up 18 percent.

“This is an exciting time for North Carolina Ports. In the last few months of FY18 the Port of Wilmington handled a record number of containers, specifically during the month of March Wilmington recorded its highest month of container volume in the Authority’s history,” said NC Ports Executive Director Paul J. Cozza. “With NC Ports’ model of best in class gate truck turntimes coupled with our high crane productivity rates; it’s evident by these numbers that carriers, BCOs and truckers are taking notice.”

The Port of Morehead City also experienced growth in FY18 with a 20 percent year-over-year increase in general cargo. Overall, North Carolina’s ports in Wilmington and Morehead City achieved record financial results. FY18 was a record year for operating revenue – up 4 percent over NC Ports’ previous high in FY16.

“NC Ports’ record-setting growth is a significant accomplishment for not only the organization but the Carolinas,” added Cozza. “The Authority is an economic driver and our FY18 results reflect the major economic impact North Carolina’s ports have on the state.”

In addition to FY18 achievements, The Port of Wilmington tripled its refrigerated container business since FY14 and now has 17 shipping carriers calling the Port compared to only six in FY14.

“Wilmington is strategically positioned for growth in both the fresh and frozen refrigerated markets. With on dock cold storage, Phase II Cold Treatment Certification, increased refrigerated container plug capacity, and the support from customers interested in an alternative gateway into the global marketplace; we are excited about NC Ports’ future in the evolving cold supply chain,” NC Ports Chief Commercial Officer Greg Fennell said.

To maintain its record setting growth, North Carolina Ports has committed more than $200 million in infrastructure improvement projects including the order of three new neo-Panamax cranes – two of which arrived to the Port of Wilmington in March, berth renovations and container yard and turning basin expansion. North Carolina Ports has also purchased a Liebherr LPS 420 rail-mounted gantry crane for the Port of Morehead City – expected to arrive in summer 2019.

Source: NC Ports
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