Maersk denies Virginia terminal has been approved
APM Terminals, an affiliate of the A.P. Moller-Maersk A/S group, Friday denied it has received “final internal corporate approval” to build a container terminal on the former Cox property in Portsmouth, Va., near Norfolk.
The “Baltimore Sun” reported Maersk has signed off on a deal worth up to $400 million to build the terminal, which would have the capacity to handle 500,000 containers a year.
However, APM Terminals said the project is still undergoing an internal review process that requires further approvals on the project before any decision is made.
“This internal review process is expected to take another 30 to 60 days,” a company spokesman said.
Last year, Tony Scioscia, president of APM Terminals North America, told a port meeting in Bayonne, N.J. that APM Terminals has outgrown its 50-acre facility in Norfolk, and noted the Cox project.
If confirmed, the Cox terminal could become one of the largest facilities of APM Terminals on the U.S. East Coast, alongside New York-New Jersey.