The Corps and the South Carolina Ports Authority (SCPA) will now sign a Feasibility Cost Sharing Agreement in the coming days, allowing the project to move into the next phase.
“We could not be more excited for this port, our customers, this state and our nation,” said Bill Stern, chairman of the SCPA Board. “With bigger ships and expanding exports, the United States needs a true 50-foot harbor in the Southeast. At a time of scarce resources, Charleston is the nation’s best buy in harbor deepening. The Corps has made a great decision to include this project.”
The U.S. Congress has already authorized Charleston deepening through the study phases, and the Corps last summer stated in its Reconnaissance Study that Charleston is likely “the cheapest South Atlantic harbor to deepen to 50 feet.”
“Senator Lindsey Graham, Congressman Jim Clyburn and Congressman Tim Scott have each individually championed this project in working with the leadership, the Administration and the Corps,” said Stern. “We are grateful for the support of our Congressional delegation, Governor Nikki Haley and the General Assembly, as well as mayors from across South Carolina led by Charleston Mayor Joe Riley. They have all helped highlight how important this project is to our country. We look forward to advancing Charleston Harbor Deepening for the benefit of our state and nation.”
More than 20,000 companies in several dozen states use the Port of Charleston to access global markets. These businesses ship goods worth $50 billion a year through the Charleston Customs District and pay more than $600 million in duties into the General Treasury annually.
Jim Newsome, president & CEO of the SCPA, said port officials, elected leaders, workers and business leaders will certainly take a moment to celebrate before sharpening their focus on the task at hand.
“Our attention now turns to launching the study and securing funds in the FY2012 budget for the Corps to continue with their share of the work,” said Newsome.
The Feasibility Study is estimated to be a three- to five-year process totaling $12-20 million and cost-shared 50/50 by the Federal Government and the local sponsor. The total project is estimated at $300 million.
“These projects are marathons -- not sprints -- requiring great persistence, involvement and support,” said Newsome. “I’m confident that we have the public support and political leadership to get us across the finish line. And the winners will be U.S. industries, consumers and taxpayers.”
The next Charleston deepening will open the port to all classes of the world’s most modern vessels under any tidal condition. Current channel depths at low tide are 47 feet in the entrance channel and 45 feet in the inner harbor.
Charleston already has the area’s deepest channels and routinely handles ships drawing up to 48 feet on the tides today. More than 300 ships too big for the Panama Canal have already called Charleston, three years before the $5-billion canal expansion is completed in 2014. Greater than 80 percent of the ship capacity on order is for ships too big for the existing canal.
