Port of Virginia announces 4th consecutive fiscal year of volume growth

posted by AJOT | Jul 12 2017 at 08:49 AM | Ports & Terminals

Port Sets Record in FY2017 Having Handled 2.7 Million TEUs
61% of Volume Handled by Truck, 36% Rail, 3% Barge

NORFOLK, VA – The Port of Virginia® handled 231,675 twenty-foot equivalent units (TEUs) in June, a new record for the month and a 7 percent increase when compared with the same month last year. With this achievement, the port completed fiscal year 2017 having handled a record-setting 2.7 million TEUs (twenty-foot equivalent units). “We finished fiscal year 2017 with a solid volume increase and thus marked our fourth consecutive fiscal year of volume growth,” said John F. Reinhart, CEO and executive director of the Virginia Port Authority. “We grew in the right areas, we moved a record-amount of volume across all modes of transportation, train, barge and truck – and did so safely—and we continue to improve our service levels. The $670 million we are investing to expand the capabilities and capacity at The Port of Virginia are aimed at sustaining this trend into the next several decades. “The Port of Virginia team and its labor partners accomplished a lot in fiscal year 2017. We became the leading rail port on the U.S. East Coast; we announced several significant initiatives; we moved record amounts of cargo; we embarked on the biggest expansion – investment—this port has ever seen and we were the first port to 600 World Trade Center I Norfolk, VA 23510 I ph (757) 683 8000 I toll-free (800) 446-8098 I portofvirginia.com host the COSCO Development, which was biggest ship to ever call the U.S. East Coast. We will not let up, there is still much work to be done and we are up to the task.” This growth comes as the port is in the process of expanding capacity at its two primary container terminals: Norfolk International Terminals (NIT) and Virginia International Gateway (VIG). The port is investing $320 million to double container capacity at VIG and $350 million to renovate the south container yard at NIT. In June, the port opened its new 26-lane, North Gate at NIT, a $42 million investment that will increase the throughput of trucks. “Our expansion projects are underway and will result in sweeping improvements across all areas of operation, allowing for sustainable growth for decades to come,” Reinhart said. “Looking forward, we will push to continue building momentum and preparing ourselves for the even bigger ships of tomorrow.” Fiscal year 2017 (July 1 – June 30) cargo highlights:

TEUs: 2,762,407; up 7.3%
Total containers: 1,565,799; up 7.2%
Total rail containers: 568,894; up 11.3%
Total truck containers: 950,311; up 4.6%
Richmond Marine Terminal barge containers: 22,500; up 37.6%
Total barge containers: 46,594; up 12.8%

June cargo highlights:

TEUs: 231,675; up 6.9%
Total containers: 132,764; up 7.1%
Total rail containers: 48,173; up 6.8%
Total truck containers: 80,909; up 6.9%
Richmond Marine Terminal barge containers: 1,724; up 45.9%
Total barge containers: 3,682; up 16.4%

hlights of FY2017: July 2016

Gov. Terry McAuliffe announces state investment of $350 million for expanding cargo capacity at NIT by 46 percent.

August 2016

Virginia hosts the APL Yangshan, which is the largest container ship to ever call Virginia. The vessel can transport up to 10,700 TEUs.

September 2016

The port announces it has signed a new, long-term lease for VIG. October 2016
The port receives the U.S. Coast Guard’s Rear Admiral Richard E. Bennis Award for Excellence in Maritime Security.

November 2016

The port and Konecranes reach final agreement on world’s largest automated-stacking cranes contract; 86 units valued at $217 million.

December 2016

The port’s application to expand Foreign-Trade Zone (FTZ 20) into northeast North Carolina is approved by the U.S Department of Commerce.

January 2017

The Port of Virginia’s double-stack rail capabilities expand with the opening of CSX’s National Gateway.

February 2017

Work commences at VIG heralding the start of plan to expand the port’s annual container throughput capacity by 40 percent by 2020.

March 2017

Published analysis shows The Port of Virginia to be U.S. East Coast’s primary beneficiary of the newly- announced ocean carrier alliances.

April 2017

The Federal Maritime Commission approves the East Coast Gateway Terminal Agreement between the ports of Georgia and Virginia.

May 2017

Biggest vessel to ever call the U.S. East Coast comes to Virginia first as the governor and dignitaries herald arrival of 13,000-TEU COSCO Development.

June 2017