Virginia ports see record box volumes, profits
The Virginia Port Authority (VPA), reported record profits and container volumes for fiscal year 2005 at its Norfolk International terminals, Portsmouth Marine terminal, Newport News Marine terminal and the Virginia Inland Port in Warren County.
VPA’s non-stock, non-profit operating company Virginia International Terminals, Inc. (VIT) operates the four terminals.
VPA said combined growth at its four facilities was 14.3 percent to 1.8 million TEUs.
Net income for the fiscal year ending June 30, was up 21 percent to $45.6 million from $37.7 million in fiscal year 2004. Gross revenues were up 17 percent to $202.5 million, from $173.2 million last year.
“April, May and June were the busiest we’ve seen those months, so I’m not expecting a slowdown before the busy season; I think we’ll be even busier,” said Joe Dorto, VIT’s general manager.
VPA said it expects to pass 2 million TEUs for calendar year 2005.