Virginia ports box volume falls 15.7pc, revenue down 7.9pc

PORTS of Virginia, including APM Terminals, handled a total of 610,400 TEU from July to the end of October, a year-on-year decrease of 15.7 per cent.
The combined financial results for the Virginia Port Authority (VPA) and Virginia International Terminals Inc (VIT), the private company that operates the authority`s state-owned terminals, showed that from July 1 until October 31, operating revenues fell 7.9 per cent year on year to US$72.2 million.
"Over the last few months, it has started to trend up a little, so hopefully we have bottomed out and are starting a recovery," said Russell Held, the Virginia Port Authority`s deputy executive director for development was quoted as saying in The Virginian-Pilot of Hampton Roads.
With regard to the ongoing talks about a possible lease between APM Terminals, the VPA and VIT, Jerry Bridges, the port authority`s executive director, was quoted as saying that some progress had been made.
"The principles of the transaction are intact," said Mr Bridges, adding that negotiating teams have been formed to deal with operational and regulatory issues.
"I`m very hopeful that we can get to some kind of conclusion by the end of the calendar year," he said, although he admitted there is no time frame or deadline.