The Port of Virginia closed fiscal year 2024 (FY2024) having processed 3.5 million TEU, a 2 per cent increase over FY2023 and the second-best fiscal year performance in the port’s history.
The port is reportedly making gains on its $1.4 billion infrastructure programme to create a modern, efficient and sustainable port.
Last year’s highlights include:
- In September 2023, work began on the £650 million ($770 million) modernisation of the North Berth at NIT to bring three ultra-modern marine terminals capable of handling the largest ships by 2027.
- In October 2023, Portsmouth Marine Terminal progressed as an offshore wind energy logistics hub with the arrival of components for the Coastal Virginia Offshore Wind project.
- By January 2024, all Port of Virginia terminals began using clean electricity, aiming for carbon neutrality by 2040 and reducing emissions by up to 45 per cent per container.
- In February 2024, the port debuted the US East Coast’s widest shipping channel, allowing two-way passage of ultra-large container vessels and reducing berth time by up to 15 per cent. The 55-foot-deep commercial channel will open in 2025.
- In April 2024, the port expanded with a new daily rail service to Memphis, enhancing its logistics reach.
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“The work the port team did during fiscal year 2024 is critical to the progress we are making on the projects that are part of our Gateway Investment Program,” said Virginia Port Authority CEO and Executive Director Stephen Edwards.
“We are doing exactly what we set out to do, which is deliver world-class, twenty-first-century service to our users, enhance efficiency and capabilities, expand infrastructure, become a more sustainable operation and make inroads into new markets.
“We are further developing our assets to ensure the needs of our customers and users will not outgrow our capabilities in Virginia.”
Earlier in March, Skanska, in a joint venture with McLean Contracting Company, secured a contract from the Port of Virginia to improve Norfolk International Terminal North Wharf in Norfolk.