Virginia Ports Authority Extends Virginia International Gateway Lease to 2065, Announces Expansion Project

Virginia Governor Terry McAuliffe announces USD 320 million investment in VIG. Image Courtesy: Gov. Terry McAuliffe/Twitter

The Port of Virginia, one of major ports on the US East Coast, has signed a new, long-term lease for Virginia International Gateway (VIG) that clears the way for the port to begin work on doubling capacity at the deep-water container terminal.

The new lease, which was negotiated during a two-year period, will give the port oversight of and operating rights at the terminal until 2065. Further, the lease allows the port to begin work on a USD 320 million project to build the terminal’s second phase, with the construction expected to begin this year.

The lease is between the Virginia Ports Authority (VPA) and Virginia International Gateway Inc., which is owned by Alinda Capital Partners and Universities Superannuation Scheme (USS). The lease is scheduled to go into effect on November 1.

“Within the existing footprint, we will have the capability and capacity to process a total of 1.2 million (container) lifts – 2 million TEUs — annually through VIG,” said Aubrey L. Layne, Virginia secretary of transportation.

“The negotiation process was a collaborative effort with both the Alinda, USS team and the port making a significant investment in resources and time. Everyone worked together to reach this agreement knowing the long-term benefits to the port and throughout Virginia.”

Presently, VIG is processing 600,000 container lifts annually. The terminal is served by eight ship-to-shore cranes and has on-dock rail with service provided by both CSX and Norfolk Southern. The expansion will take an estimated three years to complete and result in a longer berth, an expanded rail operation, an expanded container yard and four new ship-to-shore cranes.

VIG is a privately owned marine container terminal located along the Elizabeth River in Portsmouth. The facility was commissioned in July 2007, and is the largest privately-owned container terminal in the United States. In July 2010, the VPA and VIG entered into a 20-year lease agreement under which the VPA is currently operating VIG.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Feb 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 1 2 3 4 5

9th Annual Coasts and Marine Structures 2017 Conference

Discover Best Practise Strategies for Design, Planning, Construction and Asset Management

To remain competitive, Australian port operators must plan, design, manage and maintain their assets more creatively and proactively to meet future demands and drive profitability.

With this in mind, the Coast and Marine Structures Summit 2017 will focus on key considerations relevant to ensuring your existing assets are maximised and prepared to accommodate bigger vessels.

Hear from 20+ global experts including Maritime/Coastal Engineers, Contractors, Port Authorities and more, including GHD (USA), Indonesian Port Corporation (Asia), G-Group Consulting (New Zealand), Ausenco (Australia), Port Authority NSW (Australia), to name a few.

By attending this 2-day conference, you’ll learn about:

– Innovative planning and design of ports to create efficiencies that drive profit
– Best practice asset management strategies and new PIANC design principles for bulk terminals
– Proactive asset management and maintenance to improve durability and maximise and extend asset lifecycles
– Alternative material and protection techniques trialled and tested in the US and Europe
– Strategies to shift organisational culture and mindset from asset management to asset maintenance
– How you can leverage technology to increase the efficiency of your marine structures
– Case studies on retrofitting, expanding and upgrading your ports in cost-effective ways

More info

read more >

European Shipping Week 2017

European Shipping Week is intended to be a platform where policy-makers from the main EU institutions will meet and engage with European…

read more >

SNS2017 – The Southern North Sea Conference & Exhibition

EEEGR’s flagship Southern North Sea conference is the most important event for the energy sector in the East of England…

read more >

Seatrade Cruise Global

For more than 30 years, Seatrade Cruise Global has been the leading international exhibition and conference serving the cruise industry…

read more >