Virginia Port throughput a Modest 2.57 Mi TEUs

 Driven by strong imports, The Port of Virginia handled 216,672 twenty-foot equivalent units (TEUs) in its strongest June cargo performance on record that helped to push the port to a solid finish for fiscal year 2016.

“We finished fiscal year 2016 in positive territory, but our gains were very modest,” said John F. Reinhart, CEO and executive director of the Virginia Port Authority. “We forecast for muted container volumes and that was on-target. We are approaching peak cargo season and we expect to see some gains, but they will also be modest.”

The fiscal year (July 1 – June 30) highlights:

• TEUs: FY2016: 2,573,635; FY2015: 2,510,099; up 2.5%
• Total containers: FY2016: 1,460,704; FY2015: 1,442,645; up 1.3%
• Total rail containers: FY2016: 511,096; FY2015: 465,898; up 9.7%
• Total VIP rail containers: FY2016: 40,499; FY2015: 36,060; up 12.3%
• Richmond Marine Terminal barge containers: FY2016: 16,347; FY2015: 14,114; up 15.8%

“This was the best June on record in terms of TEU volume, but were off in many categories when compared with last year,” Reinhart said. “Still, we are continuing our focus on excellence in the delivery of service at all of our terminals. Also, The Port of Virginia brand has taken root and we are beginning to discuss our plans for expansion with customers and port users. There is a lot of positive activity taking place at the port right now.”

June highlights:

• TEUs: 2016: 216,672; 2015: 213,517; up 1.5%
• Total containers: 2016: 123,974; 2015: 122,919; up .9%
• Total rail containers: 2016: 45,115; 2015: 39,965; up 12.9%
• Total import TEUs: 2016: 99,230; FY2015: 93,528; up 6.1%

Reinhart said the port will be begin to see a new, larger class of vessels calling The Port of Virginia that will arrive as the result of the opening of the Panama Canal’s new locks. On Monday (July 11), the port hosted the MOL Benefactor, which is the largest vessel to date to call Virginia. The Benefactor’s cargo capacity is 10,100 TEUs and eclipses the previous capacity record set in Virginia by 500 TEUs. The mark set by the Benefactor will, however, be short lived.

“Starting at the end of this month, we will see a series five vessel calls, each with 10,300-TEU capacity, come to Virginia,” Reinhart said. “During the next 12-18 months, the ships calling here will get progressively bigger – the 12,000-TEU range – and there will be larger cargo volumes associated with those vessels. There will be another jump in size after that, so we are preparing accordingly and are discussing those plans out in the market.”

In order to prepare for these vessels, the port is in the process of expanding its cargo handling capacity. The first large-scale capacity project will be to rebuild the upland operation at the South Berth of Norfolk International Terminals (NIT). Reinhart said the $350 million project will increase annual throughput capacity at NIT by 46 percent, or 400,000 containers by 2019.