Cargo Business Newswire

Tuesday, November 3, 2015

Port of Virginia poised to extend VIG terminal lease for 50 years

The Port of Virginia has extended its lease of Virginia International Gateway for 50 years from the new signing date, which is expected to come within months, according to state officials.

"For the first time, the port will now control its own destiny," said Gov. Terry McAuliffe, who announced the agreement at the Governor's Transportation Conference in Virginia Beach.

John Milliken, chairman of the authority's board, which must approve the deal before it’s official, said it is "an agreement to agree, which says, 'Here are the terms that we're prepared to go forward on, subject to a lease spelling them out in lawyer-like detail.'"

Eric Sisco, chairman of Virginia International Gateway Inc., which owns the terminal, declined to comment. Sisco signed the existing lease in 2010 as president of APM Terminals North America, then the facility's owner.

In August 2014, APM sold the terminal to Connecticut-based Alinda Capital Partners and an investment partner. Sisco was named chairman of Virginia International Gateway in January, after retiring from APM.

For more of the Pilot Online story: hamptonroads.com