24 American Journal of Transportation American Journal of Transportation ajot.com Yogi H. Singh, 1850 Investments International trade is unpredictable. But you don’t have to navigate it alone. With deep industry knowledge and unwavering support, trust CVI to guide you every step of the way. cvinternational.com Corporate Office: Norfolk, VA The Most Trusted Partner In Global Trade™ International Logistics Customs Brokerage & Compliance Transportation & PO Management Supply Chain Visibility its last meeting: According to unaudited FY2026 results, POV volume finished 1.6% below budget; however, operating revenue of $890.3 million was 3.8% above budget, and EBITDA of $286 million was 21.1% above budget. Operating income reached $67.3 mil- lion, compared with a budgeted $23.7 million. The Port reported a $573 mil- lion decrease in cash and cash equiv- alents in FY2026, compared with a $327.9 million increase in FY2025. Cargo performance strength- ened during the fourth quarter. Total TEUs increased 1.2% while loaded imports rose 6.1% and loaded exports increased 3.7%. Empty TEUs declined by 13.5%, while the aforementioned rail containers surged by 17.8%. Virginia also gained ground against its major East Coast competitors during the first five months of cal- endar 2026. From January through May, the Port handled 1.13 million loaded TEUs, up 2.5% from the same period in 2025. Over the same period, loaded volume declined 1.6% at New York/New Jersey, 1.7% at Savannah, and 6.9% at Charleston, making Vir- ginia the only one of the four ports in the comparison to record growth. The stronger calendar-year numbers showed improvement from the fis- cal-year comparison. Operating metrics are improving. In June, there were a total of 71,801 truck visits, with 88.3% completed in less than an hour and less than 1% taking more than two hours. Total rail containers were 73,131, up 30%, while rail-ready dwell was 50.4 hours and rail dwell was 72.3 hours. Net crane productivity was 33.9 moves per hour, up 0.7% but slightly below the Port’s goal of 35. The Port’s FY2026 lost-work-day rate finished at 0.83, better than its 0.91 goal and down 20.2% from FY2025. North NIT Optimization Project Meanwhile, work on the North NIT Optimization Project remained on schedule and on budget. At the time of the July board report, construction was 92.1% complete, and the overall project was 86.9% complete. Harris acknowledged the POV challenges are similar to what most US ports face. “Inconsistent trade policy and the impact it has across the industry, tar- iffs, geopolitical instability in certain areas, and the cost of building mate- rials are all challenges,” he said. “... Generally speaking, the trade envi- ronment continues to be a challenge, but our cargo volumes, on a month- to-month basis, are regaining their consistency, and we are trending ahead of last year. This fall’s retail season looks promising, and given that, it is our belief that we will finish calendar 2026 ahead of last year.” “There are a lot of assets we have that we can point to with consistency, scal- ability and speed to market being at the top of the list. We have built our oper- ation to deliver a (DIVIDENDS – con- tinued on page 26) (DIVIDENDS – continued from page 22) WESTVIRGINIA VIRGINIA MARYLAND DELAWARE WASHINGTON,D.C. Virginia Inland Port Richmond Marine Terminal Newport News Marine Terminal Norfolk Intl. Terminals Virginia Intl. Gateway Portsmouth Marine Terminal Chesapeake Bay Atlantic Ocean PORT OF VIRGINIA consistent product — experience — to our customers and port users. In turn, this drives an understanding of our capabilities and a confidence that we can (and will) meet expectations. Scalability is important because our operation is structured so that we can easily handle volume growth – and surges -- without an impact to perfor- mance. Or we can pull back in slower periods while maintaining efficiency. We are setting in place those systems that will allow us to grow for the next several decades. We are telling our customers, port users, BCOs, etc., that they can grow their volumes at POV without concern for our ability to meet their need. Speed to market means we have modern connections — road, rail, barge, vessel — to reach the world with consistency.” Stakeholders are Bullish on the Port of Virginia’s Future Yogi H. Singh, one of three man- aging partners at Richmond, VA-based 1850 Investments, said the firm con- tinues to view the entire state of Virginia as primed for invest- ment. In the past year, 1850 has acquired the assets of two Nor- folk region heavy equipment leasing companies - Bass Crane and Hampton Roads Crane & Rigging - in part due to the expansion and success of the Port of Virginia. “We entered the Hampton Roads market
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