In comparison with last November, TEU volumes are up 16 percent; rail units, up 35 percent; truck volume, up 8 percent; Virginia Inland Port volume, up 3 percent; and Richmond Marine Terminal (RMT) volume, up 20 percent.
“November was a strong month and we experienced solid growth in import and export volumes, which were up 17 percent and 15 percent (respectively); our peak-season volumes will begin tapering off in December, which is normal,” said John F. Reinhart, CEO and executive director of the Virginia Port Authority. “We were in positive territory in many categories, but one exception is vessel calls and this is in keeping with the era of fewer calls, but larger vessels and corresponding cargo volumes.”
“Combine our performance in November and the volume we handled in October – our single-best effort on record – and we moved 475,000 TEUs. It is important to recognize the fact that we processed this amount of volume safely and efficiently.”
November marks the tenth consecutive month in 2016 of TEU volumes exceeding 210,000 units.
“We believe developments like the recent expansion of the FTZ (Foreign Trade Zone 20) into seven counties and one city in northeast North Carolina will be of long-term benefit to The Port of Virginia,” Reinhart said.
“The expansion of the FTZ – across state lines — is another way we can leverage the port as a regional catalyst for commerce, job growth and investment.”
Year-to-date, the port’s TEU volume is up 3 percent; rail units up 14 percent; VIP volume up 3 percent; and RMT volume, up 30 percent. The import volume has grown by 5 percent and exports are up 2 percent.
Reinhart said the focus “will be maintaining momentum” as the port gets underway with the expansion of Virginia International Gateway later this month and late next spring at Norfolk International Terminals. Combined, these expansion projects will boost annual throughput capacity by 40 percent when complete.
The Virginia Port Authority (VPA) is a political subdivision of the Commonwealth of Virginia. The 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. The VPA leases Virginia International Gateway and the Port of Richmond. In fiscal 2013, The Port of Virginia provided more than 374,000 jobs and generated $60.3 billion in total economic impact throughout the Commonwealth.