Charleston Container Traffic Up 12% in November

CHARLESTON, SC – December 20, 2012 – Containertraffic at the Port of Charleston was up nearly 12 percent in November,in results announced at today’s regular South Carolina Ports Authority(SCPA) Board meeting.

Lastmonth, the Port of Charleston handled 125,780 20-foot-equivalent units(TEUs), an 11.9 percent increase from the same month last year. Gainsfor containers handled at the SCPA’s public port facilities have beenstrong throughout the year, with an 11.7 percent jump in box volume forthe first five months of the fiscal year and a more than nine percentincrease during the calendar year to date.

Whilewe are slightly off of aggressive projections set for the year thusfar, Charleston continues to grow at a much faster rate than competingports, said Jim Newsome, president and CEO of the SCPA. With globaleconomic uncertainty on the horizon, we will continue to operate in thefiscally conservative way we have, which has kept intact our stableoutlook and solid position from the ratings agencies.

Thismonth, Moody’s Investors Service affirmed the SCPA’s A1 rating on itsexisting bond debt in light of the organization’s strong financialperformance history and competitive advantages.

Breakbulktonnage also showed strong gains for the month, with non-containerizedvolume increasing nearly 24 percent in November. The SCPA handled atotal of 117,118 pier tons at its facilities in Charleston andGeorgetown last month. The gains were led by increases in activity atboth Veterans Terminal and at Union Pier Terminal, which is beingutilized for the handling of breakbulk cargo such as steel billets. Thedowntown terminal footprint ultimately is planned for redevelopment uponthe resolution of the cruise terminal construction approvals andfollowing the relocation of Charleston’s cruise operations to UnionPier’s north end.

Inother action, the Board took another positive step toward realizing theSouth Carolina Inland Port in Greer, SC. The Board approved aresolution authorizing the SCPA to borrow funds not to exceed $30million for the development, construction, operation and maintenance ofthe South Carolina Inland Port, which is in the planning stages. Thefacility will serve as an inland container yard served by NorfolkSouthern and proximate to major port users across the Upstate andportions of neighboring states. The Board previously had approvedengineering study work to begin the facility’s design and authorized theSCPA’s president and CEO to carry out all actions needed to bring theproject to fruition. The inland port is expected to be fully operationalby the fall of 2013.

Additionally,the Board approved the purchase of two empty container handlers fromGregory Poole for $554,000. The machines are expected to be delivered inApril. Also approved were two change orders for existing work relatedto gate infrastructure and container yard improvements, totaling around$2 million.