“From a financial standpoint, South Carolina’s public port system is very healthy,” said David J. Posek, the SCSPA’s board chairman. “These strong numbers allow us to cover the costs of current operations along with the new container terminal in North Charleston.”
Further, Posek said that the SCSPA’s current fiscal position will enable it to cover the remaining state matching funds for the recently completed harbour deepening project, as well as any shortfall in funding for the Port Access Road serving the new Navy Base Terminal.
Work on the Harbor Deepening and Widening Project was completed in 2004, taking the inner harbour channels to a 45 ft depth at mean low water and the entrance channel to 47ft. Work on the new Navy Base Terminal is well underway. The U$550m Phase I is scheduled for completion in 2014 and will boost Charleston’s container capacity by 1.4m teu.