Norfolk – The Port of Virginia in May – and for the year -- continued its growth in all cargo categories, putting the port on pace for a volume record-setting 2014.
John F. Reinhart, CEO and executive director of the Virginia Port Authority, said he is encouraged by the May results and by the continued progress on initiatives aimed at improving cargo velocity and creating efficiency. Collectively, this effort has led the port to its third consecutive month of posting an operating profit.
"We were profitable in May, but we are still in the early stages of recovery and stabilizing this port," Reinhart said. "I am confident in saying that we are working as a team, changing our behaviors and we are seeing some encouraging results. This is a long-term commitment to improve our delivery of service and profitability. This trend must continue: moving forward, improving service, controlling costs and increasing velocity are our priorities and mandates."
May was the third best month in the Port's history for TEU and container volumes and the best month on record for rail volume. The operating profit was $360,000.
In May, the delivery of 32 new yard hustlers to Norfolk International Terminals (NIT) was completed; these pieces of equipment are supporting the rail operation at that terminal. Additionally, the Motor Carrier Task Force completed its report and continues to implement changes at NIT focused on improving turn-times for motor carriers.
In May, cargo volume at the port grew 6.7 percent, an increase of 12,865 TEUs when compared with the same month last year. The month's growth was led by exports, which increased by 8.7 percent (8,964 TEUs) when compared with last May. There was also growth in breakbulk tonnage, 25.6 percent; rail containers, 4.8 percent; barge containers, 13.2 percent; Virginia Inland Port containers, 22.8 percent; and vehicle units, 20.1 percent.
The port's calendar year-to-date TEU volumes remain the highest in its history, with 950,251 TEUs having been moved, which equates to 8.2 percent growth when compared with the same period in 2013. Fiscal year-to-date TEU volumes through May are also at record levels with 2,119,508 TEUs having been handled thus far in the fiscal year.
"Our effort is to develop and deliver consistency to our stakeholders and we are moving in that direction," Reinhart said.
Calendar year TEU totals, 2014 vs. 2013:
- May 2014 = 204,232
- May 2013 = 191,368
- April 2014 = 201,390
- April 2013 = 179,370
- March 2014 = 197,834
- March 2013 = 179,518
- February 2014 = 179,524
- February 2013 = 169,390
- January 2014 = 167,272
- January 2013 = 158,766