Monday, October 8, 2012

Top Story

VIT defends its record Virginia ports at public hearing

Virginia International Terminals on Thursday highlighted its success and defended its record as operator of Virginia Port Authority terminals at a public hearing.

The Port of Virginia, the third largest port on the East Coast, is considering proposals to privatize port terminal operations after receiving an unsolicited bid from APM in May. Including APM, three companies have submitted bids to run port operations for up to the next 50 years.

Port officials are disappointed that Virginia hasn't rebounded from the recession as fast as rivals New York and Savannah.

Officials from shipping lines and hundreds of others attended the meeting, defending VIT, the state terminal operator that was created in 1983.

"VIT's sole duty is to that of the citizens of the commonwealth. Private operators, their sole duty is to that of shareholders. VIT promotes Virginia and Virginia only," said Joseph Ruddy, executive vice president of Virginia International Terminals.

Noting container volume has grown over the last six months, Rudy said, "VIT's historical record of success as a terminal operator is irrefutable with regard to container growth, safety and intermodal market share."

Eric Sisco, President of APM Terminals Americas Region, said 15 percent of the top 150 port terminals in the world are run by a sole operator.

Proposals submitted to the Port Authority Board are viewable online.

For more of the Businessweek story: businessweek.com

More Newswire stories

South America plans tunnels through the Andes to facilitate intermodal transport

Barclays closes shipping unit

Tensions aired at ASEAN maritime forum

Taiwan also claims the islands

Container loaded with animals falls onto Seattle freeway

Today's Cargo News Archives

Click to browse past stories on these topics:

Logistics

Ports & Infrastructure

Economic Outlook

Environmental Impact

Technology