The South Carolina Ports Authority (SC Ports) has significantly updated its fiscal year 2021 forecast following what it described as several months of strong volumes and a continued rebound.
In a statement, SC Ports said it expects to handle 1.385 million TEU in fiscal 2021, which will end on June 30 2020.
This is up from the original projection of 1.235 million TEU and, if achieved, it would surpass the fiscal year 2019 volume record of 1.364 million TEU.
The new forecast also projects the port handling 243,595 vehicles and a combined total of 176,073 rail moves at inland ports in fiscal year 2021.
Several months of much higher-than-expected volumes at SC Ports, including a record November and December, propelled this updated forecast.
SC Ports has seen month-over-month strength across multiple business segments since September, including with containers, vehicles and inland ports.
A robust consumer economy continues to drive volume growth as many invest in home goods, furniture and electronics during the pandemic.
SC Ports Board Chairman Bill Stern said, “SC Ports has provided essential supply chain service throughout the pandemic. Our maritime community’s expertise and dedication is unparalleled.”
“We are excited to update the fiscal year 2021 forecast following several months of growth as we prepare for a very exciting year, which includes opening the Hugh K. Leatherman Terminal and deepening Charleston Harbor to 52 feet.”