Source: PRESS RELEASE, 11/10/11

The NC State Ports Authority announced today a seven percent revenue increase over the previous year for the first quarter of FY2012 as volumes are up at all facilities.

Both the Port of Wilmington and the Port of Morehead City outperformed over last year for all terminal activities with a cargo growth rate of 10.9 percent in general terminal activities and 2.5 percent in container volumes.

“The Authority’s profitability during particularly difficult economic times is due to our vigorous pursuit of new business opportunities and the commitment of NC Ports’ employees and partners,” said NC State Ports Authority CEO Tom Eagar.

Waterborne container moves at the Port of Wilmington are up at 73,805 TEUs (twenty-foot equivalent units) compared with 71,879 TEUs last year, and bulk and breakbulk consolidated levels at both facilities are up 11 percent with more than one million tons handled.

Though breakbulk saw a small decline, the return of the woodchip operation and growth in the potash markets figured significantly in the 14.4 percent bulk volume growth at the Port of Morehead City from 488,304 tons in first quarter FY2011 to 558,622 tons in FY2012.

The Port of Wilmington experienced a 23 percent growth in bulk commodities from 288,726 tons to 355,292 tons in FY 2012 due largely to an increase in grain and woodchip volumes.

“The Authority anticipates second quarter results to continue this upward trend in volumes and revenues as we partner to grow NC industries,” said Eagar. “We continue to read the world’s economic market and adjust plans accordingly. In the meantime, we are working closely with our current customers to ensure their needs are consistently met.

The NC State Ports Authority had the highest five-year container volume growth among the top U.S. East Coast ports at 62.4 percent, according to PIERS data listed in the September 19, 2011 issue of the Journal of Commerce.