The Port of Virginia® wrapped up fiscal year 2024 (FY24) with impressive achievements, processing a remarkable 3.5 million twenty-foot equivalent units (TEUs). This 2% increase over the previous year marks the second-best performance in the port’s history. These milestones are part of the port’s broader strategy to modernize and expand its infrastructure.
Key to this progress is the $1.4 billion infrastructure program aimed at transforming the port into a state-of-the-art, efficient, and sustainable hub. Stephen Edwards, the CEO of the Virginia Port Authority, emphasized the critical nature of these developments. “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,” Edwards stated.
In September 2023, construction began on the North Berth at Norfolk International Terminals (NIT). This $650 million modernization project aims to enhance the port’s ability to handle larger container ships. By 2027, Virginia will boast three ultra-modern marine terminals.
The port also made significant strides in sustainability. In January, it transitioned to 100% clean electricity, leading all major US East Coast ports in this green initiative. This move aligns with the port’s goal of achieving net-zero carbon emissions by 2040 and has already resulted in a 45% reduction in carbon emissions per container.
March saw the completion of a wider shipping channel, facilitating safe, two-way movement of ultra-large container vessels and reducing port stay by up to 15%. By 2025, the port will open its 55-foot-deep commercial channel, the deepest on the US East Coast.
Further expanding its reach, the port launched a new daily rail service in April, connecting its primary container terminals to Memphis, a key logistics hub. This expansion complements new vessel services to South America and the Indian Subcontinent, enhancing the port’s global connectivity.
The fiscal year also highlighted the port’s resilience. Following a tragic bridge collapse that closed the Port of Baltimore for nearly three months, the Port of Virginia efficiently handled the diverted cargo without any service degradation. This adaptability underscores the port’s position as the most modern gateway in America.
FY24’s cargo volume metrics are impressive:
- TEUs: 3,499,639, up 2%
- Containers: 1,930,480, up 1.4%
- Loaded Export TEUs: 1,139,925, up 4.2%
- Loaded Import TEUs: 1,625,267, up 3.6%
- Rail Containers: 784,597, up 13%
- Breakbulk Tonnage: 283,817, up 112.1%
- Ship Calls: 1,733, up 5%
June 2024 also saw significant growth compared to June 2023:
- TEUs: 295,975, up 12.1%
- Containers: 164,899, up 13.1%
- Loaded Export TEUs: 95,262, up 15.6%
- Truck Containers: 101,354, up 25.5%
- Breakbulk Tonnage: 33,152, up 185.3%
- Ship Calls: 149, up 0.7%
The Port of Virginia continues to be a pivotal economic driver for the state, creating over 565,000 jobs and generating $63 billion in gross state product, according to a study by The College of William and Mary.
