FOR IMMEDIATE RELEASE
Charleston, SC - The Port of Charleston today presented a two-year capital improvement program to boost capacity at existing facilities, while making progress toward new port capacity.
At a teleconference Board meeting, the South Carolina State Ports Authority approved the fiscal year 2004 financial plan and presented a two-year, $128-million capital investment plan to increase utilization of existing port facilities.
“These investments will allow us to efficiently handle our customers’ growth over the near-term and get ready for the future,” said Bernard S. Groseclose Jr., president and CEO of the Ports Authority.
The FY04 plan calls for the Port of Charleston’s container business to grow 5%. Container volume is up 12% through the first 11 months of the current fiscal year, which ends June 30. Operating revenues are projected to increase over 4% to $114 million in FY04.
In the $128 million capital plan, approximately $92 million is scheduled for major capital projects, such as terminal improvements projects and container cranes. Another $36 million is slated for cargo handling equipment purchases and other projects.
To prepare for new port development on the former Charleston Navy Base, $3.4 million is planned for environmental, geotechnical and access studies.
Summary of Capital Planning – FYs04&05
• Container Cranes – $31.1 million
• Wharf Improvement – $25.6 million
• Container Yard Improvements – $20.6 million
• Container Yard Cranes (RTGs) – $13.5 million
• Other Capital Projects & Equipment – $37.8 million
• Cooper River Bridge Replacement – $10 million