Port of Virginia’s Progress Makes it a Main U.S. Port to Watch

The Port of Virginia simply had an excellent fiscal yr. In a press launch from Port of Virginia Spokesman Joseph D. Harris, the port reported:

The Port of Virginia® dealt with 231,675 twenty-foot equal models (TEUs) in June, a brand new document for the month and a 7 % enhance in comparison with the identical month final yr. With this achievement, the port accomplished fiscal yr 2017 having dealt with a record-setting 2.7 million TEUs (twenty-foot equal models).

The Port of Virginia has been rising and strengthening its place for fairly a while now.

Again in 2015, we posted a weblog on the Port of Virginia trying robust within the battle of East Coast versus West Coast ports. The expansion the Port of Virginia skilled then was remarkably much like the expansion reported on this fiscal yr.

Listed here are the small print from again then:

The port authority reported 7.2% enhance from September of 2014 to September of 2015 with cargo container volumes reaching 215,520 TEUs.

American Shipper experiences:

September marked the seventh straight month of field volumes exceeding 210,000 TEUs because the mid-Atlantic port continued to obtain a portion of cargoes shippers have diverted from West Coast gateways to keep away from congestion points.

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Containerized exports on the port grew 8.4 %, whereas imports had been up 5.7 %.

Yr-to-date the Port of Virginia is 8.8 % forward of its 2014 volumes with 1.9 million TEUs dealt with to date in 2015.

The port can be 6 % forward of the earlier yr’s volumes for the primary three months of the fiscal yr, which started July 1, in response to the Virginia Port Authority.

Compared with final September, rail models had been up 16 %, Virginia Inland Port (VIP) volumes grew 43 %, truck volumes had been up 2 % and car models had been up 133 %.

With the elevated quantity, regardless of the challenges that enhance brings, is leading to rising monetary power for the port. The Port of Virginia reported:

The port’s consolidated monetary efficiency within the first two months of the fiscal yr (July/August) is constructive as properly: Whole working revenues are $80.5 million and the working revenue is $3.5 million. The audited fiscal yr 2015 outcomes confirmed working revenue of $13.6 million in, which is an enchancment of $30.1 million in comparison with the outcomes from the earlier fiscal yr.

In 2015, The Port of Virginia, together with the remainder of the East and Gulf Coast ports, was able to profit from the contentious ILWU contract negotiations and extreme congestion at West Coast ports that had shippers diverting cargo from there.

The expanded Panama Canal continues to present East and Gulf Coast ports alternative for elevated capability. Nevertheless, simply because bigger ships can get via the Panama Canal than earlier than doesn’t imply that East and Gulf Coast ports will routinely expertise cargo progress.

The Port of Virginia’s robust and chronic progress is spectacular. To get a greater feeling for the type of success that is for the port, right here’s extra from its press report:

“We completed fiscal yr 2017 with a strong quantity enhance and thus marked our fourth consecutive fiscal yr of quantity progress,” Virginia Port Authority CEO and Govt Director John F. Reinhart stated. “We grew in the suitable areas, we moved a record-amount of quantity throughout all modes of transportation, prepare, barge and truck – and did so safely — and we proceed to enhance our service ranges.”

The mid-Atlantic port’s fiscal 2017, which ran from July 1 via June 30, noticed cargo throughput enhance in a number of classes, together with a 7.3 % rise in containerized cargo to 2.76 million TEUs; a 7.2 % leap in whole containers to 1.56 million; 568,894 whole rail containers, a rise of 11.3 %; and 950,311 whole truck containers, a year-over-year rise of 4.6 %.

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“The Port of Virginia workforce and its labor companions completed quite a bit in fiscal yr 2017. We grew to become the main rail port on the U.S. East Coast; we introduced a number of important initiatives; we moved document quantities of cargo; we launched into the most important enlargement – funding — this port has ever seen and we had been the primary port to host the COSCO Growth, which was largest ship to ever name the U.S. East Coast,” Reinhart stated. “We is not going to let up, there’s nonetheless a lot work to be finished and we’re as much as the duty.”

The work to be finished that Reinhart referred to above consists of the initiatives to increase capability on the Port of Virginia, permitting it deal with the megaships that ship nice portions of transport containers without delay, as is taking on because the follow of the worldwide transport business.

The Port of Virginia clearly plans to proceed to develop because it improves its capability to deal with extra capability.