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Ports Authority predicts significant rebound in ’08
By Dan McCue
Staff Writer
The S.C. State Ports Authority board approved a 2008 fiscal plan on Tuesday that projects double-digit increases in earnings and cash flow and a significant bump in the number of containers coming through the Port of Charleston.
The plan calls for operating revenues of $53.4 million for fiscal year 2008, a 14.44% change over this year’s projected earnings of $46.6 million.
During that period, terminal activity is projected to increase to 1.1 million containers in 2008, compared to a project 1.069 million this year.
Net earnings for 2008 after intergovernmental transfers is projected at $63.7 million, a 10.41% increase over this year’s projected $57.7 million.
Operating cash flow is projected to rise to $82.5 million, a 14.48% increase over this year’s anticipated operating cash flow $72 million.
By far the biggest capital expenditure in the next year will be $93 million spent on the new terminal at the former Charleston Navy base; $25.4 million will be spent on yard expansion, improvement and capital repairs, $4.7 million on Security and other customs projects; $500,000 on wharf and dock infrastructure improvements; $900,000 for IT system enhancements; $1.3 million for container handlers and equipment; and $2.9 million for other capital projects.
Staff told the board that the terminal in Jasper County, a project being pursued jointly with the state of Georgia, falls under the latter category.
Tuesday’s meeting was the first to be attended by newly appointed SPA board member Karen Floyd, head of the Palladian Group, a Spartanburg-based public relations firm and a one-time candidate for state superintendent of education.
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