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Port of Charleston continues record-breaking pace
By Matthew French
Staff Writer
For the ninth time in 10 years, the Port of Charleston posted record numbers; nearly 2 million containers and an additional 2 million tons of break bulk cargo passed through its terminals in the 2005 fiscal year, a 14% increase in each category.
Operating revenues also increased by 18% from fiscal 2004 to nearly $140 million. In October 2004, the South Carolina Ports Authority had anticipated a 6% rise in revenue. All net earnings are reinvested into the port facilities.
Growth began nearly 10 years ago and since then has seen an annual compound growth rate of about 8%. The port saw its first down year in 2001, due in large part to a sluggish economy. But in 2002, 2003 and 2004, the port bounced firmly back.
The SPA credits several factors for the facilities’ rise in business, namely a two-year, $159 million capital plan for container stacking equipment, the harbor deepening project and the yard management system, a technology solution that more accurately tracks containers and allows for quicker turnaround times for truckers.
Other highlights from the year include:
• More than $6 million in environmental, engineering and mitigation studies were started for a terminal at the former Charleston Naval Complex. Permits are expected in August 2006, and the first phase is scheduled to open by the end of 2011.
• The new Arthur Ravenel Jr. Bridge, the largest cable-stayed bridge in the country, was completed in Charleston Harbor, offering higher and wider clearance for ships. Both old bridges should be in the removal process before year’s end.
• The SPA announced in January its intention to acquire property for a state port in Jasper County on the Savannah River.
• The South Carolina General Assembly passed the International Trade Incentive Program, providing job or investment tax incentives to companies that increase their import/export volume through the port.
• BMW renewed a 10-year contract with the port and announced that the company expected to increase its volume to 150,000 vehicles over the next 10 years.
• Several new shipping services began calling to Charleston, including the first direct Charleston to Central America service, and additional services to South America and the Middle East.
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