N.C. State Ports Authority Reports Growth for FY12.
WILMINGTON—The N.C. State Ports Authority announced today increased cargo movement and operating revenues for the fiscal year ending June 30 compared to last year. Top-line revenues continued to recover following the economic downturn with a 7 percent increase year over year, contributing to a net profit for the fiscal year. Increased bulk cargo volumes at both the Ports of Wilmington and Morehead City contributed largely to revenues with combined 37 percent volume growth over FY11.
“New business within our bulk division, our ability to diversify our cargo interests and our continued cost containment measures have placed N.C. Ports in our strongest financial position since 2008,” said Jeff Strader, interim Executive Director, N.C. State Ports Authority. “We project this growth trend to continue into our next fiscal year as we pursue further opportunities to support North Carolina businesses and commodities.”
New and expanding business in the bulk commodities sector at both seaports has contributed largely to the N.C. Ports net gains. Roll on and roll off (ro-ro) service continues to be a growth area for Wilmington, in part due to Sallaum Lines new service via the port. The Port of Wilmington now serves more than 30 ro-ro vessels per year.
Investing in facilities for future growth is on the radar for N.C. Ports. A Wilmington Harbor Navigation Improvement Study is on tap to examine the potential for making improvements to the existing shipping channel. In addition, there are many statewide initiatives supporting further investment and development at port facilities. The recently completed N.C. Maritime Strategy Study will further define the current and future role the maritime industry plays in sustaining North Carolina’s efforts to create jobs and strengthen the economy across the State. The study will provide a framework for future port development and planning specifically aimed at attracting industries.
“With North Carolina recently being named the fourth best state for business by CNBC, our state will continue to grow and develop opportunities for N.C. businesses. North Carolina’s Ports are well positioned to meet the needs of our N.C. business community to reach the expanding global market,” said Strader.
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