News

2015 December 11 16:14

The Port of Virginia expects to exceed 2.5 mln TEUs for calendar year

The Port of Virginia continues its march toward a record-setting calendar year, though cargo volumes were slightly down in November as the industry’s traditional busy season nears its end, the company said in its press release.

In November, the port handled 203,472 twenty-foot equivalent units (TEUs), 2.5 percent less when compared with the same month last year. As forecasted, truck volumes and breakbulk tonnage saw slight declines (3.5 and 7.5 percent, respectively) and rail units remained the same. Vehicle units, however, continued to grow with the port having handled 2,675 cars, an increase of 45 percent when compared with November 2014.

“Our performance in November was not a surprise as this is a traditional time of year for volume to wane as peak season comes to an end,” said John F. Reinhart, CEO and executive director of the Virginia Port Authority. “Peak season tapered early and was a bit muted across the industry. We dipped 5,300 TEUs, but our total TEU volumes for the month still exceeded 200,000 units.

“We are seeing solid growth for the calendar year (+7.4 percent) as well as for the first five months of the fiscal year (+4.3 percent). Our strategy of continued reinvestment to improve our delivery of service in all phases of the operation remains our primary focus as we look out to both the short- and long-terms.”

The Port of Richmond, which is The Port of Virginia’s barge terminal on the James River, had its most productive November on record in terms of TEUs handled: that facility processed 1,946 TEUs, a 9.6 percent increase when compared with last year. A new mobile harbor crane is set to arrive at the Port of Richmond toward the end of December.

“This new piece of equipment is the first step of our long-term investment strategy at the Port of Richmond,” Reinhart said. “Fine-tuning the operation there and investing in cargo conveyance equipment will boost productivity and help that terminal serve as a catalyst for economic development in and around the Commerce Road corridor.”

Calendar year-to-date highlights:
 Truck volume, 853,368 (containers), up 7.6 percent
 Ship calls, 1,826, up 2 percent
 Vehicles, 44,909, up 70 percent
 Rail volume, 444,785 (containers), up 8.2 percent
 Virginia Inland Port volume, 34,334 (containers), up 1.2 percent

About The Port of Virginia
The Virginia Port Authority (VPA) is a political subdivision of the Commonwealth of Virginia. The VPA owns and through its private operating subsidiary, Virginia International Terminals, LLC (VIT), operates four general cargo facilities Norfolk International Terminals, Portsmouth Marine Terminal, Newport News Marine Terminal and the Virginia Inland Port in Warren County. The VPA leases Virginia International Gateway and the Port of Richmond. In fiscal 2013, The Port of Virginia provided more than 374,000 jobs and generated $60.3 billion in total economic impact throughout the Commonwealth.