NC Ports Losing Money By The Millions

The North Carolina State Ports Authority lost $6 million in the budget year that ended in June.

The Ports Authority issued a statement on its operations in responded to a request by The StarNews of Wilmington.

Ports officials blamed a decline in the amount of cargo handled, as well as write-offs for construction projects and capital assets.

Ports CEO Tom Eager says it's no surprise cargo shipping is down in Wilmington and Morehead City, given the economy.

Operating revenues fell from $34.5 million in 2008-09 to $33.2 million for the year that ended June 30. The Ports Authority had lost $4.3 million in 2008-09.

The agency does expect revenue growth of 3.5 percent this year.


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  • by BILL Location: SWANSBORO on Aug 6, 2010 at 06:48 PM
    NEITHER PORT CAN EVER BE SUCCESSFUL. WHY??, BECAUSE THE SURFACE TRANSPORTATION SYSTEM CAN NOT HANDLE THE RAIL OR TRUCK TRAFFIC TO MOVE CARGO IN OR OUT OF THE PORTS. THE BASE RAIL PATH TO MOREHEAD IS THE ONLY POSSIBLE SOLUTION. HOWEVER, THE "NIMBY" CREW WILL FIGHT TOOTH AND NAIL TO DEFEAT THE CONCEPT. THE "PORT SYSTEM" IS AN ILLCONCEIVED POLITICAL HACK JOKE AS IS THE ENTIRE CAREER CORRUPTICIAN BUNCH WE WERE FOOLISH TO ELECT. DUMP THEM ALL; START A TERM LIMIT CHANGE TO THE STATE CONSTITUTION ON A BALLOT INITIATIVE. THOSE IN OFFICE WILL NOT PASS IT, BUT A VOTER LED INITIATVE HAS A CHANCE. TOUGH JOB BUT IT CAN BE DONE.
  • by Steve Location: Ayden on Aug 6, 2010 at 06:05 PM
    That is a great idea Dave. I really hope they check into that!!
  • by Dave Location: Wilson on Aug 6, 2010 at 12:19 PM
    The state does not need 2 ports. Pick the one with the most potential, either Morehead or Wilmington, consolidate operations and sell the 10's of millions in water front property to pay back to the state. Or sell them both to private enterprise and have them run better. Then sell the ABC operations and the hundreds of millions in property they have. The state should not be in these businesses.
  • by BuBBa Location: Heresville on Aug 6, 2010 at 10:40 AM
    No one wants to bring there ship to the dock because they are mad at George Bush
  • by Kimo Location: Belhaven on Aug 6, 2010 at 10:29 AM
    Looks like they took a page out of the Washington Hospital's book. Revenues are down, so they lose money. They say revenues are down due to the economic slowdown. When income drops for a reason you know, it's time to do something to counteract it. Of course why should we worry. The state has plenty of money.
  • by Dave Location: Wilson on Aug 6, 2010 at 07:07 AM
    Shut them down. If it is costing us money to keep them running then we do not need them. We do not need "welfare" ports.
  • by Whew! Location: The Pitts County NC on Aug 6, 2010 at 06:47 AM
    Well if you would pay attention to other news articles and see how much money was wasted on the FAILED attempt to bulid the container port near SouthPort NC no wonder they lost money.
  • by To Doug! on Aug 6, 2010 at 06:33 AM
    *like*
  • by Doug Location: ENC on Aug 6, 2010 at 05:55 AM
    My company's revenues are down, but we're still operating in the black. What is it with government run businesses that they can't operate efficiently, or adapt to economic changes? They spend more than they take in and they rely on hardworking taxpayers to make up the difference. Less traffic should mean lower operating costs. This is just another example of government efficiency.
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