Virginia completes FY 2024 with growth in cargo volumes and progress on infrastructure projects

| Jul 30 2024 at 12:05 PM | Ports & Terminals

Channel widening, terminal expansion support efficient movement of larger volumes

The Port of Virginia® closed fiscal year 2024 (FY24) having processed 3.5 million twenty-foot equivalent units (TEUs), a 2 percent increase over fiscal year 2023 and the second-best fiscal year performance in the port’s history. The growth in cargo volume is just one of the successes of FY24, the port’s chief executive said.

The port is making gains on its $1.4 billion infrastructure program that is creating a modern, efficient and sustainable port that has the capabilities and capacity to serve its customers and users for decades to come.

In September 2023, construction began on the renovation of the North Berth at Norfolk International Terminals (NIT) to enhance the port’s capability to serve larger, fully-laden container ships. In January, the port announced its transition to 100 percent clean electricity, leading all major US East Coast ports and accelerating the port’s goal to achieve net-zero carbon emissions by 2040. In March, dredging was completed on a wider shipping channel that allows for safe, two-way movement of ultra-large container vessels, reducing port stay by up to 15 percent.

“The work the port team did during fiscal year 2024 is critical to the progress we are making on the projects that are part of our [$1.4 billion] Gateway Investment Program,” Virginia Port Authority CEO and Executive Director Stephen Edwards said. “We are doing exactly what we set out to do, which is deliver world-class, twenty-first century service to our users, enhance efficiency and capabilities, expand infrastructure, become a more sustainable operation and make inroads into new markets. We are further developing our assets to ensure the needs of our customers and [port] users will not outgrow our capabilities in Virginia.”

The fiscal year’s (July 1, 2023 – June 30, 2024) highlights include:

Sept. 2023: Work begins on the $650 million modernization of the North Berth at NIT. Virginia will have three ultra-modern marine terminals capable of handling the largest ships afloat when the project is complete in 2027.
Oct. 2023: Portsmouth Marine Terminal’s transformation into the Mid-Atlantic’s leading offshore-wind energy logistics hub progresses with the arrival of the first shipment of components that will be used in the Coastal Virginia Offshore Wind project.
January: All Port of Virginia terminals begin using electricity from clean resources, accelerating the port’s goal of becoming carbon-neutral by 2040. Using clean electricity helps the port offset its carbon footprint by reducing carbon emissions by up to 45 percent per container.
February: The port debuted the US East Coast’s widest shipping channel that allows for safe, two-way passage of ultra-large container vessels. The continuous vessel flow in the harbor helps reduce the amount of time vessels spend on berth by up to 15 percent. The port will open its 55-foot-deep commercial channel – to be the deepest on the US East Coast -- in 2025.
April: The port expands its western and southern reach with a new daily rail service between the port’s primary container terminals and Memphis, a growing logistics hub.

“We welcomed new vessel services to South America and the Indian Subcontinent as well,” Edwards said. “We are collaborating with our customers, port users and partners to open up new markets to meet the needs of those companies that want to grow and diversify their logistics and supply chains.

“Our modern, semi-automated terminals, combined with our unique business model, where we both own and operate our terminals, proved their value during the surge of cargo that came our way because of the tragic bridge collapse that closed the Port of Baltimore for nearly three months. We processed the diverted cargo without any degradation of service and clearly demonstrated our position as the most modern gateway in America.”

FY24 vs FY23