The Port of Virginia has completed fiscal year 2017 with a record-setting 2.7 million TEUs, as it delivered the fourth consecutive fiscal year of volume growth.
The volumes represent an increase of 7.3 percent compared to the previous fiscal year when the port handled a total of 2.5 million TEUs.
Total containers were also up by 7.2 percent to 1.56 million from 1.46 million, while total barge containers increased by up 12.8 percent to 46,594 from 41,323.
“We finished fiscal year 2017 with a solid volume increase and thus marked our fourth consecutive fiscal year of volume growth,” John F. Reinhart, CEO and executive director of the Virginia Port Authority, said.
“We grew in the right areas, we moved a record-amount of volume across all modes of transportation, train, barge and truck – and did so safely — and we continue to improve our service levels. The USD 670 million we are investing to expand the capabilities and capacity at The Port of Virginia are aimed at sustaining this trend into the next several decades,” Reinhart added.
Additionally, the port said that it set a new record for the month in June when it handled 231,675 TEUs, a 7 percent increase when compared with the same month last year.
This growth comes as the port is in the process of expanding capacity at its two primary container terminals, Norfolk International Terminals (NIT) and Virginia International Gateway (VIG).
The port is investing USD 320 million to double container capacity at VIG and USD 350 million to renovate the south container yard at NIT.
“Looking forward, we will push to continue building momentum and preparing ourselves for the even bigger ships of tomorrow,” Reinhart said.