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Virginia posts first profit since 2008 while setting cargo records
THE Port of Virginia - Norfolk and Newport News - will post its first annual operating profit of US$16.1 million since 2008, according to preliminary figures, reports the Augusta Free Press.
Throughput was up 8.9 per cent to 2.5 million TEU in the 12 months ending June 30.
"When I took office I knew that growing and diversifying Virginia's economy would require making the Port of Virginia the profitable gateway to the world that it can be," said Governor Terry McAuliffe, announcing the news.
The port closed fiscal 2015 with strong June volumes, having handled 213,517 TEU, which was up 14.5 per cent year on year. The month yielded across the board increases of 20.5 per cent more truck containers and seven per cent more rail containers. Ro/ro volume more than doubled at 102 per cent and ship calls were up 11.7 per cent.
Said Port CEO John Reinhart: "We're seeing improvements gained from our effort to improve operational efficiency, and our investments in equipment and in people are paying off.
The year also featured the 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 Harbour and Southern Branch of the Elizabeth River.
There was also the receipt of a US$15 million Transportation Investment Generating Economic Recovery (TIGER) grant to create a new intermodal gate complex at Norfolk International Terminals.
There was also the completion of a bond sale to reduce debt costs, earning Aa3 and A+ bond ratings from Moody's and S&P, respectively.
Throughput was up 8.9 per cent to 2.5 million TEU in the 12 months ending June 30.
"When I took office I knew that growing and diversifying Virginia's economy would require making the Port of Virginia the profitable gateway to the world that it can be," said Governor Terry McAuliffe, announcing the news.
The port closed fiscal 2015 with strong June volumes, having handled 213,517 TEU, which was up 14.5 per cent year on year. The month yielded across the board increases of 20.5 per cent more truck containers and seven per cent more rail containers. Ro/ro volume more than doubled at 102 per cent and ship calls were up 11.7 per cent.
Said Port CEO John Reinhart: "We're seeing improvements gained from our effort to improve operational efficiency, and our investments in equipment and in people are paying off.
The year also featured the 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 Harbour and Southern Branch of the Elizabeth River.
There was also the receipt of a US$15 million Transportation Investment Generating Economic Recovery (TIGER) grant to create a new intermodal gate complex at Norfolk International Terminals.
There was also the completion of a bond sale to reduce debt costs, earning Aa3 and A+ bond ratings from Moody's and S&P, respectively.
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