South Carolina Ports Authority’s Board of Directors has unanimously adopted a financial plan for fiscal year 2022.
The plan projects that SC Ports will handle 1.475 million pier containers in fiscal year 2022, which runs from 1 July 2021 through 30 June 2022. Additionally, the plan projects 252,500 vehicles moving through the port, as well as 160,000 rail moves at Inland Port Greer and 38,000 rail moves at Inland Port Dillon during the fiscal year.
SC Ports’ fiscal year 2022 operating plan includes US$324.6 million in operating revenues, which is estimated to generate US$100.6 million in operating cash flow.
SC Ports’ Board has also approved a US$349.4 million capital spending plan for fiscal year 2022, while the funding will support the enhancement of SC Ports’ terminals, equipment and Information Technology infrastructure.
According to an announcement, work includes further modernising Wando Welch Terminal to handle the mega container ships calling on the Port of Charleston; continuing work on Leatherman Terminal; and expanding Inland Port Greer to increase rail and container capacity at the rail-served inland port in Upstate South Carolina.
SC Ports will also invest in a chassis pool to ensure motor carriers can quickly access quality chassis, increasing safety and efficiency.
"We will continue investing in port infrastructure to handle the biggest ships and growing cargo volumes, ensuring SC Ports remains a top 10 US container port," said SC Ports Board Chairman Bill Stern.
Meanwhile, SC Ports has continued to rebound well throughout fiscal year 2021, noting strength in containerised, vehicle and inland port business segments with record cargo volumes for the past three consecutive months.
Loaded imports were increased by 46.5% in May compared to May 2020, and up 21.6% from May 2019. Much of this growth stems from pandemic-related shifts in buying habits, with a bigger focus on retail products and home goods, according to an SC Ports' announcement.
"While the pandemic has created incredible supply chain challenges globally amid unprecedented demand, SC Ports provides a great service and remains focused on finding solutions to meet our customers’ needs," pointed out SC Ports President and CEO, Jim Newsome, who went on to add, "As we look to fiscal year 2022, we plan to continue investing in our port to provide more capacity and reliability for our customers as we grow above the market."