In September, the port handled 215,520 TEUs (twenty-foot equivalent units), an increase of 7.2 percent compared with the same month last year; it was the best cargo performance for September in the port’s history. In comparison with last September, rail units were up 16 percent, Virginia Inland Port (VIP) volume up 43 percent, truck volume up 2 percent and vehicle units up 133 percent. Moreover, September marks the seventh consecutive month of TEU volumes exceeding 210,000 units.
“We have brought stability and consistency to all phases of our operation and we are showing growth and positive financial results,” said John F. Reinhart, CEO and executive director of the Virginia Port Authority. “For the quarter, we had growth in rail containers, truck volume, VIP container volume percent, vehicle units and operating income, while improving service levels.
“This shows that the industry is responding: Our message that The Port of Virginia is an innovative, responsive and strategic operation is beginning to resonate. The port’s capital reinvestment program is just underway and we have a lot of work to do, but we have a clear path forward and we have the support of our labor partners, stakeholders and customers.”
The port’s consolidated financial performance in the first two months of the fiscal year (July/August) is positive as well: Total operating revenues are $80.5 million and the operating income is $3.5 million. The audited fiscal year 2015 results confirmed operating income of $13.6 million in, which is an improvement of $30.1 million when compared with the results from the previous fiscal year.
“Our improving financial picture will allow us to continue to reinvest in our facilities, our cargo conveyance equipment and our people,” Reinhart said. “We have turned the corner and we must stay focused. In the coming decade, we will need to reinvest $2 billion in The Port of Virginia to increase its capacity and ensure its competitive position on the US East Coast. The overall performance and result of fiscal year 2015 has cleared the way for this process to begin.”