The State Ports Authority board today approved the maritime agency’s 2014 fiscal year budget that expects growing revenue due to larger vessels calling on Port of Charleston.
The budget calls for 6 percent growth in container volume, in addition to $123 million in capital spending that includes $29.1 million for the highly-touted inland port in Greer.
Jim Newsome, the agency’s top executive, touted the projected budget as “aggressive,” but attainable due to rising cargo volume and growth of the Southeast market.
“Above-market growth is essential to carrying out our aggressive investment plans over the coming years,” Newsome said. “As post-Panamax ships continue to be deployed in the Port of Charleston, our deep shipping channels and dockside infrastructure become even more critical.”
The board also approved $24.9 million in spending for two new, post-Panamax cranes to replace two aging cranes at SPA’s North Charleston Terminal. The new cranes are being produced by Shanghai-based ZPMC and is expected to be delivered in summer 2015.
Check postandcourier.com for more updates.
Reach Tyrone Richardson at 843-937-5550 and follow him on Twitter @tyrichardsonPC.