The State Ports Authority met this week to discuss a recent decline in the number of containers moved through the state’s ports.
According to a recent report, the State Ports Authority experienced a 20 percent drop in container volumes moving through the ports in the past year. The Post and Courier reports the past fiscal year, that ended June 30, showed the 20 percent drop followed a 10 percent drop in 2008. An Authority spokeman said the port had about the same number of containers this past year than they had back in 1999.
Meanwhile, new CEO Jim Newsome, who will start on September 1, is getting pay and incentives based on container volume and strategic planning. The SPA’s previous incentive plan was based more on operating margin targets. Last year, the SPA’s operating earnings were $54.7 million, but this year, that amount fell to $25.7 million. Newsome’s three-year agreement provides for a $300,000 salary a year, and up to $100,000 annual incentive pay. He is replacing Bernard Groseclose, who retired in January.