The port increased operating profit $4.1 million year-over-year in May.
The Port of Virginia reported $4.5 million in operating profits for the month of May, an increase of $4.1 million from May 2014.
The May profits represent the best monthly financial performance at the port in fiscal 2015, which closes June 30. Port of Virginia also set a record for container volumes in the month of May, handling 230,000 TEUs, up 13 percent year-over-year.
Thus far, the Port of Virginia has had an overall operating profit of $14.5 million since the beginning of the fiscal year.
The port has also increased maintenance and equipment investments by $3.2 million so far in 2015 compared to the previous fiscal year, Port of Virginia CEO John F. Reinhart said in a statement.
Port of Virginia has suffered from serious congestion issues in the past two years as it deals with greater volumes, causing port officials to undertake a series of emergency and longer-term measures in 2015 to try and provide relief to customers.
A new pad for dedicated stacking of rail-bound containers at the Virginia International Gateway, which is supposed to keep the stacks for motor carriers more fluid, is scheduled to be completed by the end of June. In addition, the port has hired additional people for its operation’s team, continued Saturday gate hours at terminals, implemented an automated gate at Norfolk International Terminal, purchased $40 million in new cargo handling equipment, began dredging at the Portsmouth Marine Terminal to maintain a depth of 43 feet, and has committed to having 1,000 new chassis in its pool by the end of the summer.
“This type of volume requires significant upkeep for our equipment, so we are investing heavily in regular maintenance of our equipment,” said Reinhart.
Port of Virginia sees strong financial performance
