The board approved $277.6 million in capital expenditures, the largest portion of which will go toward the Hugh K. Leatherman Terminal currently under construction.
The South Carolina Ports Authority (SCPA) Board of Directors on Wednesday adopted a financial plan for fiscal year 2019, approving the largest capital expenditures plan in the port’s history.
The board approved $277.6 million in capital expenditures for fiscal year 2019, which runs from July 1 through June 30, 2019.
SCPA’s largest capital expenditure for the fiscal year is slated for the Hugh K. Leatherman Terminal, where it will invest $117.1 million for construction, equipment and the port’s share of the access road linking the terminal with I-26.
A SCPA spokesperson told American Shipper Thursday that the port authority expects phase one of the container terminal to open in 2021.
Fiscal year 2019 capital expenditures also include $79.5 million in upgrades and modernization of the Wando Welch Terminal, SCPA’s largest terminal in terms of volumes and physical size, according to SCPA.
In addition, $18.9 million is slated for the North Charleston Terminal and $19 million is allocated for the construction of the new SCPA headquarters.
SCPA expects operating revenues for fiscal year 2019 will total $280.8 million and operating earnings will reach $42.9 million.
The port authority also is projecting 5 percent pier container growth for fiscal year 2019, as well as strong volumes at both inland rail facilities, which include Inland Port Greer and Inland Port Dillon. Inland Port Greer opened in November 2013, while Inland Port Dillon just opened in April.
An official signing ceremony was held Wednesday between SCPA and Finland-based crane manufacturer Konecranes for the port’s purchase of 26 rubber-tired gantry (RTG) cranes.
The $46.4 million contract includes 24 new RTGs for the Wando Welch Terminal and two for Inland Port Greer.
Last week, Konecranes announced it had received the order, saying that deliveries will take place in 2019-20.
“The RTGs on order have a lifting capacity of 50 tons while stacking one-over-five containers high and six-plus truck lane wide,” Konecranes said.
SCPA said last week that progress of the Charleston Harbor Deepening Project, which is bringing the inner harbor to a depth of 52 feet and the entrance channel to a 54-foot depth, remains on track, adding that the U.S. Army Corps of Engineers’ fiscal year 2018 work plan has allocated $49 million for the harbor-deepening project.
“The USACE Work Plan funding, in combination with a $50 million loan from the state, will enable the Charleston Harbor to be deepened to the Wando Welch Terminal by early 2021 in a record construction period of only 40 months,” the port said.
South Carolina Ports embarks on record capex plan
