Port of Virginia records 3.5 million TEU for FY2024

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Port of Virginia records 3.5 million TEU for FY2024

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 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.

READ: Port of Virginia adds ONE’s West India – North America service

“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.

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