Norfolk – The Virginia Port Authority executive director today signed a 20-year lease agreement that effectively gives the agency control over all operations at APMT Virginia, the most technologically-advanced facility in the world.
Moreover, the lease agreement unifies all the marine cargo container terminals in the Hampton Roads harbor under the VPA flag for the next two decades. The VPA's private non-stock operating company, Virginia International Terminals Inc. (VIT), is responsible for the day-to-day management and oversight of all VPA facilities and it will have that same responsibility for APMT Virginia.
"This asset presents a host of opportunities for The Port of Virginia," said Jerry A. Bridges, the VPA's executive director. "It gives us ample container capacity now and in to the future; we will be able to market the technology and efficiency of this facility to our customers; and it gives us on-dock rail capabilities that we previously didn't have."
The VPA Board of Commissioners in June authorized Bridges to execute the agreement; Eric A. Sisco, president of APM Terminals Americas, was that company's signatory.
In summary, the agreement states the VPA will lease and manage all aspects of the Portsmouth, Va.-based marine terminal for the next 20 years. APMT's ownership of the assets and land is unchanged. The official "handover" of the terminal is scheduled for July 6.
"In my experience this is the biggest deal of my career and I am very proud to have been part of it," said Joseph A. Dorto, VIT's general manager and CEO. "I believe this cements a very, very bright future for The Port of Virginia and our customers."
The VPA owns and operates Norfolk International Terminals, Portsmouth Marine Terminal, Newport News Marine Terminal and the Virginia Inland Port, an intermodal operation in Front Royal.
Total Size: 576 acres
291 acres, terminal
124 acres, existing wetlands
17 acres, created wetlands
7 acres, service yard area
7 acres, state and city road dedication
130 acres, undeveloped
Phase I: 230 acres developed
1 million-TEU capacity
Yard Breakdown: 291 acres (Phase I and future development of wharf, yard, rail and gate)
141-acre backland container storage area
100-acre semi-automated RMG crane yard
40-acre on-terminal rail intermodal yard
10 acres of storm-water management ponds
Refrigerated unit capacity: 960 containers
Berth: 4,000 linear feet
Vessels docking: 4 ships
Channel: 50 feet at approach channel and 55 feet at berth
Rail: 3.3 miles (17,517 track feet)
Six on-dock rail tracks with storage of 42 double-stack rail cars
Linkages to Norfolk Southern Railway and CSX Transportation making this only facility on the East Coast with dual rail access on-site
Cost: $450 million.
This is the largest privately funded marine container terminal in the U.S. and the largest investment in a company-owned container terminal in the nation as well.
Economic Impact: Largest private investment in Hampton Roads' history