The Port of Virginia set a new mark for TEU volume in fiscal 2014 having handled more than 2.3 million TEUs in the twelve months that closed June 30, and eclipsed the previous fiscal year record by 140,476 TEUs.
The port recorded strong results in June, having handled 186,403 TEUs, which is a 6 percent improvement when compared with the same month last year. The month held growth for rail containers, 12.1 percent; Virginia Inland Port (containers handled), 102.8 percent; total barge containers 19.8 percent; total truck containers, 1.6 percent; ship calls, 1.3 percent; and vehicle units, 122.9 percent.
“We had a record-setting fiscal year, with our TEU volume growth up 6.5 percent when compared with fiscal 2013, and we’re also tracking for a record calendar year,” said John F. Reinhart, CEO and executive director of the Virginia Port Authority (VPA). “There are multiple factors that have led us to this point: one is the people of this port and another is our ongoing effort to improve operational efficiency.”
The previous fiscal- and calendar-year records for performance were set in 2013.
Improving cargo conveyance systems, a restructuring of the relationship between VPA and its private terminal operating subsidiary, Virginia International Terminals LLC, creation of a task force to address the concerns of motor carriers serving the port and implementation of state-of-the-art technology at Norfolk International Terminals were among the port’s accomplishments in fiscal 2014.
“The fiscal year has been one of positive change at multiple levels which is allowing us to focus on sustained growth and profitability,” Reinhart said. “The organization is going to continue to evolve and that will make The Port of Virginia more responsive, more competitive, which ultimately will drive growth supported by timely, measured expansion.”
The port is completing its year-end financials and that information will be released in the coming weeks. Reinhart said he expects the positive financial results reported in the last three months to continue.