North Carolina Ports Reports Record Revenue in Fiscal Year 2023

Wilmington, N.C. – The North Carolina State Ports Authority reported record operating revenue of $79.3 million for Fiscal Year 2023 which is a 16.7% increase from the previous record of $68 million set in Fiscal Year 2022. This strong performance was driven by year-over-year growth in throughput volume, a record year for general cargo, and strong annual intermodal growth.

“The entire NC Ports team continues to focus on supporting our customers and delivering on our mission, and did a tremendous job identifying solutions to safely grow our volumes during the year,” said Brian Clark, Executive Director, North Carolina State Ports Authority.

Container volume through the Port of Wilmington increased by seven percent year over year. With a continued focus on growing cargo volumes and expanding global coverage, the NC Ports team secured two new vessel services in FY23. NC Ports added the 2M Emerald/TP16/ZSA Service to its growing rotation of services and carriers as well as Ellerman City Liners. These new services expanded the Port of Wilmington’s global connectivity, including 12 new relay ports and six new direct port calls to Singapore, Xiamen, Yantian, Bilbao, Hamburg, and Rotterdam.

“Our dedicated, customized approach allows the NC Ports team to deliver best-in-class service to our customers,” said Hans Bean, Chief Commercial Officer, North Carolina State Ports Authority. “We continue to identify solutions for our port users and tailor our growth to meet customer needs and long-term plans.”

Additionally, NC Ports posted 12% year-over-year growth for general cargo volume, marking a record year for tonnage and revenue. The Port of Wilmington and the Port of Morehead City moved a total of almost 4.6 million short tons of bulk and breakbulk cargo in FY23.

The strong breakbulk performance was driven by both existing customers and new programs including:

• Construction and building products such as lumber and cement
• Products supporting the automotive industry such as steel and natural rubber
• Pulp/paper products such as fluff pulp
• Project cargo such as locomotives, fiber pipe, and fuselage

The growth in bulk cargo volume was driven primarily by agriculture, such as fertilizer, grain, and feed, and the export of forest products, such as woodchips and wood pellets.

“The General Cargo teams in both Wilmington and Morehead City, supported by our Business Development Team, did amazing things this year,” said Clark. “They identified unique solutions for our customers, took advantage of adhoc vessel calls, and secured new regular services. Our strategic decision to remain diversified between containers and general cargo continues to serve us well, and will remain a focus going forward.”

It was also a record year for NC Ports’ intermodal rail services. Intermodal volume increased 74.2% year over year and accounted for nine percent of total container volume. The Midwest Express rail service and Queen City Express rail service to Charlotte averaged more than 550 TEUs per week. Combined with NC Port’s best-in-class landside and waterside efficiencies, the Port of Wilmington’s express rail services consistently provided customers with reliable access to the Charlotte Inland Port, Chicago, and other Midwest markets.

The NC Ports team continues to focus on cold chain investments as the Port of Wilmington positions itself as a critical gateway for the movement of refrigerated cargoes. Phase 2 of Wilmington’s refrigerated container yard expansion project is nearly complete and is expected to open to cargo in the fall. This will nearly double the Port of Wilmington’s plug capacity to almost 1,600. Given the growth trajectory, initial site work for a future Phase 3 was included in Phase 2.

Other on-port projects in Wilmington include a new intermodal rail facility, supported by a federal RAISE grant, that will break ground later this year, on-dock rail replacement, and several major paving projects. On-port projects in Morehead City include berth improvements, crane rail extension, and new warehouse space. Appropriations funding from the General Assembly will continue to support capital expansion projects, while revenue generated by moving cargo and grant programs will support core capital investments.

“North Carolina Ports’ strong Fiscal Year 2023 performance, along with financial support from annual State Appropriations, allows our team to continue to execute an aggressive expansion plan that will enable us to capture new business, ultimately enhancing the economy of North Carolina,” said Clark. “We are extremely grateful for our partners at the local, state, and federal levels.”

About North Carolina Ports

North Carolina’s ports in Wilmington and Morehead City and Charlotte Inland Port link the state’s consumers, business and industry to world markets and serve as magnets to attract new business and industry to the State of North Carolina. Port activities contribute statewide to more than 88,200 jobs and $660 million each year in state and local tax revenues.

North Carolina Ports continues in its commitment to meet and exceed industry standards while increasing efficiency. This commitment positioned the Port of Wilmington at the top of the latest Container Port Performance Index (CPPI), ranking it as the most productive port in North America and the 44th most productive globally.?