The South Carolina State Ports Authority (SCSPA) has approved a US$160-million budget, projecting more than $100 million in capital spending and a slight increase in container traffic for the coming fiscal year.
More than $80 million in the next 12 months will go to new capacity projects, primarily in Charleston. Progress and spending is also expected on development of a new joint port facility on the Savannah River in Jasper County, said the release.
Approval of the financial plan comes on the heels of strong results in the Port of Charleston, said an authority statement. In May, the SCSPA handled 157,553 TEU in Charleston, up 7 per cent year on year and up 14 per cent from the previous month.
For the SCSPA's 2009 fiscal year, which starts July 1, operating revenues are expected to increase 1.6 per cent to $160.4 million and pier containers are projected to increase 0.5 per cent from the current year.
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