The United States’ first automated container terminal is set to change hands less than three years after opening. Demand for capacity at the 1m teu APM Terminals Virginia facility has failed to meet expectations since operations began in July 2007.
The terminal will now be leased to Virginia Port Authority (VPA) for 20 years under the terms of a new agreement. APMT will continue to own the terminal and major assets, and all operations will be taken over by VPA’s operating arm, Virginia International Terminals (VIT).
“There is no doubt that our Virginia facility is one of the world’s best but it, like other container terminals in Hampton Roads, has been underutilised,” explained Eric Sisco, president of APM Terminals Americas.
“This facility is designed for high volume and high utilization. By combining the available assets and capacity in the port through the lease of our facility, we are creating value for all of our stakeholders.”
Sisco added that APMT will continue to participate in this market through its lease arrangement, the future development of APMT 2, and the continued presence of its Americas regional headquarters at the facility.”
Virginia Governor Robert McDonnell said, “Combining this incredible facility with our natural assets will substantially increase the marketability of this port and position Virginia to become the leading port on the East Coast faster than we anticipated. This agreement must still gain the approval of the Virginia Port Authority Board of Commissioners and their counterparts at APM Terminals headquarters in The Hague, but I’m confident in those approvals.”
The terminal will now be leased to Virginia Port Authority (VPA) for 20 years under the terms of a new agreement. APMT will continue to own the terminal and major assets, and all operations will be taken over by VPA’s operating arm, Virginia International Terminals (VIT).
“There is no doubt that our Virginia facility is one of the world’s best but it, like other container terminals in Hampton Roads, has been underutilised,” explained Eric Sisco, president of APM Terminals Americas.
“This facility is designed for high volume and high utilization. By combining the available assets and capacity in the port through the lease of our facility, we are creating value for all of our stakeholders.”
Sisco added that APMT will continue to participate in this market through its lease arrangement, the future development of APMT 2, and the continued presence of its Americas regional headquarters at the facility.”
Virginia Governor Robert McDonnell said, “Combining this incredible facility with our natural assets will substantially increase the marketability of this port and position Virginia to become the leading port on the East Coast faster than we anticipated. This agreement must still gain the approval of the Virginia Port Authority Board of Commissioners and their counterparts at APM Terminals headquarters in The Hague, but I’m confident in those approvals.”
