Port of Virginia Preliminary Report for Fiscal Year 2015 Shows 9 Percent Cargo Increase Over 2014 and Forecasts First Yearly Profit Since 2008

On July 22, 2015, Virginia Governor Terry McAuliffe announced the Port of Virginia’s preliminary Fiscal Year 2015 performance, including a forecasted profit of $16.1 million, the first yearly profit since 2008.  Following are the hyperlinked headline and an excerpt from the governor’s office’s news release on the Port’s preliminary report.  More information on the Port of Virginia and the Virginia Port Authority is available online at http://www.portofvirginia.com/.

Governor McAuliffe Announces The Port of Virginia’s Return to Profitability; Port experiences $31.5 million operating revenue swing, sets new record for volume, Virginia Governor’s Office News Release, 7/22/15.

Excerpt: Governor Terry McAuliffe today announced that The Port of Virginia’s preliminary reports for fiscal year 2015 indicate that it will post its first yearly operating profit since 2008. The Port is forecast to turn a $16.1 million profit, which is a $31.5 million improvement in operating income compared with the prior fiscal year.  Speaking at an event at the Port of Virginia in Norfolk, the Governor also announced that the Port continued its record-setting cargo-handling pace in fiscal year 2015, handling more than 2.5 million TEUs [20-foot equivalent units, based on the 20-foot length of an intermodal cargo container] in the twelve months that closed June 30, and eclipsing the record set last fiscal year by 8.9 percent.

…The port closed fiscal 2015 with strong June TEU volumes, having handled 213,517 TEUs, which is a 14.5 percent improvement when compared with the same month last year. …

Fiscal 2015 also included the following accomplishments:
*re-opening of Portsmouth Marine Terminal;
*addition of 1,000 chassis to HRCP II;
*purchase of nearly 100 vehicles used in the movement of cargo;
implementation of new terminal operations software;
*signing of a cost-sharing agreement with the Army Corps of Engineers to evaluate the benefits of two critical dredging projects: the deepening of the Norfolk Harbor and Southern Branch of the Elizabeth River;
*receipt of a $15 million Transportation Investment Generating Economic Recovery (TIGER) grant to create a new intermodal gate complex at Norfolk International Terminals;
*completion of a bond sale to reduce debt costs, earning Aa3 and A+ bond ratings from Moody’s and S&P, respectively;
*passage of a $489.7 million budget that includes $135 million allocated for capital expenditures to alleviate congestion and position the port for future growth. …

[Following are the volume numbers in several categories for Fiscal Year 2015 and the percentage increases from Fiscal Year 2014:]
*total TEUs = 2,510,099 (+8.9%);
*total Containers = 1,442,645 (+9.3%);
*total Rail Containers = 465,898 (+4.2%);
*total Barge Containers = 14,114 (+47.1%);
*total Truck Containers = 921,241 (+12%).

The Virginia Port Authority (VPA) is a political subdivision of the Commonwealth of Virginia.  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.  VPA leases Virginia International Gateway and the Port of Richmond.

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