Wednesday, September 10, 2014
Port Authority head says S.C. ports must improve faster to compete
South Carolina Ports Authority head Jim Newsome said Monday that although the Port of Charleston has bounced back from recession levels, the authority must increase revenue at a faster pace than competing ports in order to succeed.
"We are, as I see it, in the second inning of a nine-inning baseball game. We scored in the first two innings but we have a long game to play," said Newsome, the authority's president and CEO, during his annual State of the Port address.
South Carolina is the country’s ninth-busiest container port by volume, but earnings are low compared to competitors. Newsome said between 2015 and 2020 the port will need above-market revenue growth and investment, and that its return on capital expenditures will have to hit about 6 percent over the next few years if the port is to achieve long-term success.
Newsome sees opportunity for growth in current South Carolina and regional markets in automobile and tire exports, as well as in plastics and agricultural products. He expects imports to pick up as well, particularly in e-commerce.
He also said he expects the Charleston Harbor to be dredged to at least 50 feet by 2019.
The authority is undergoing a 10-year, $2 billion series of capital improvements. In addition to the harbor deepening, the SCPA list includes a new container terminal in North Charleston, the inland port that opened in Greer last year, improvements at the Wando Terminal in Mount Pleasant to handle the mega container ships and a new intermodal rail yard in North Charleston.
Challenges, according to Newsome, include the expectation of slower market growth and tougher competition from Southeast ports.
For more of the Charlotte Observer story: www.charlotteobserver.com
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