NC Ports Breaks Intermodal Volume Record, Sees Solid Results in FY24

July 25, 2024

Wilmington, N.C. – The North Carolina State Ports Authority finished fiscal year 2024 with mixed, yet balanced, results, reaffirming its diversified business model remains strong.

“Fiscal Year 2024 marked a robust year for investment in our ports and a record year for intermodal volume, demonstrating NC Ports’ commitment to strengthening the efficient movement of goods across the state of North Carolina and growing multimodal capabilities from port berths to the hinterlands,” said Brian E. Clark, Executive Director, North Carolina Ports.

NC Ports moved a record 17,000 containers by rail in FY24, finishing the year 13% above budget. This growth, following a record year for intermodal rail volume in FY23, is a result of increased utilization of the Queen City Express and expanding programs on the Wilmington Midwest Express.

“These express rail products provide customers with efficient, reliable access to the Charlotte Inland Port, Chicago, and other Midwest markets,” said Hans Bean, Chief Commercial Officer, NC Ports. “Existing and new customers continue to capitalize on our high vessel productivity and no rail dwell times. As the East Coast’s fastest ship-to-rail service, transporting cargo through the Port of Wilmington is faster and more cost-efficient than ever.”

NC Ports is also breaking ground on a new intermodal rail yard that will expand the Port of Wilmington’s intermodal rail capacity to more than 50,000 container movements annually.

The Ports of Wilmington and Morehead City moved a total of almost 4.2 million short tons of bulk and breakbulk cargo in FY24, finishing the year 5% over budget. Both ports handled substantial volumes of natural rubber, steel, lumber, cement, wood chips and wood pellets, supporting everything from U.S. infrastructure, aerospace and the region’s growing automotive industry.

The Morehead City team and its partners handled several new ro/ro programs, including the import of finished vehicles like coach buses and commercial vans, and unique breakbulk and project cargo, including wind turbine blades, nacelles and towers for a global leader in sustainable energy solutions. The Port also welcomed a new monthly ConRo liner service that Spliethoff Group launched between Belgium, the UK, and U.S. East Coast.

Like other East Coast Ports, NC Ports faced global industry challenges in the container market. However, there were notable bright spots, including a new partnership with Seaboard Marine that added a weekly service to Central America. This new service expanded the Port of Wilmington’s connectivity to key deepwater and inland ports in San Salvador and Nicaragua.

“Given the challenges felt across the broader container shipping industry in FY24, remaining diversified between containers and general cargo continues to serve us well and remains a focus,” Clark said. “Our teams in Wilmington and Morehead City secured new programs in different cargo verticals and delivered unique solutions to our customers.”

Strong cash flow from operations, along with appropriations from the state, allowed for substantial investment in the growth of our ports in FY24. NC Ports invested $80 million across Wilmington, Morehead City and Charlotte. Notable projects at the Port of Wilmington include phase two of the refrigerated container yard and container yard expansion. In Morehead City, new warehouse space and berth renovations are nearly complete. New gantry cranes have also been ordered for both ports to keep pace with strong general cargo demand.

NC Ports was also awarded a grant by the United States Department of Transportation (USDOT) through the Maritime Administration’s Port Infrastructure Development Program (PIDP). The nearly $11 million grant will help further optimize and expand operations by relocating the Port of Wilmington’s North Gate closer to the designated truck route and away from neighborhood streets.

About North Carolina Ports

With deepwater port locations in Wilmington and Morehead City, plus an inland port in Charlotte and intermodal rail access through CSX’s Carolina Connector (CCX) in Rocky Mount, North Carolina Ports links consumers, business and industry to world markets. Our ports also 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.