Imports Fuel Port of Virginia’s Record Fiscal Year 2019
The Port of Virginia handled a record 2.9 million TEUs in fiscal year 2019, a result mainly driven by an increase in imports.
The result represents an increase of 4 percent when compared with last fiscal year.
The port’s fiscal year closed June 30, and in that month the port handled 239,329 TEUs, which is an increase of nearly 7 percent when compared with last June. The port’s volumes in the fourth quarter of FY19 have been increasing ahead of the arrival of peak cargo season.
“We finished the fiscal year in positive territory – our fifth consecutive fiscal year of growth,” John F. Reinhart, CEO and executive director of the Virginia Port Authority, said.
“Our import loads were up more than five percent, truck volume was up almost four percent and barge volume was up nearly ten percent. All of this was accomplished while we were under construction at VIG (Virginia International Gateway) and NIT (Norfolk International Terminals) and it was done with a continuous emphasis of safety.”
Reinhart noted that the port was processing that volume with greater efficiency because of the completion of a major upgrade at VIG.
John G. Milliken, the chairman of the Virginia Port Authority Board of Commissioners, said the success of FY19 must also be looked at from the perspective of how the port managed its growth as construction progressed.
“During construction our focus was on efficiency, delivery of service, maintaining our business and then timing growth with the completion of work at VIG,” Milliken said.
“There were times of the year when we purposefully controlled our growth because we did not want volumes to get beyond our capabilities, which meant we had to be strategic in our use of Portsmouth Marine Terminal. Our strategy worked.”
The expansion at Norfolk International Terminals is progressing as planned, Reinhart added.