Port reports October profit

Published November 18, 2014 by Jessica Sabbath

The Port of Virginia continues to improve its bottom line while handling record cargo levels.

The port said Tuesday that it had an operating income of $314,000 in October, compared with an operating loss of $1.5 million in October 2013.

In the first four months of fiscal year 2015, which began July 1, the port has an operating income of $4.6 million, compared with an operating loss of $4.8 million during the same period last year. The port has reported profits in seven out of the last eight months.

“When comparing the fiscal-year-to-date performances, we are looking at a swing of $9 million, so we are continuing to find solid financial ground,” John F. Reinhart, CEO and executive director of the Virginia Port Authority, said in a statement.

The Port of Virginia handled 221,105 TEUs (20-foot equivalent units) in October – the most ever handled in a month. That was a 7 percent increase over October 2013. For January through October, the port has handled 7.1 percent more cargo than the same period last year.

The Port of Virginia is still trying to get a handle on overcoming congestion at its marine terminals.

“And while we have an improving financial picture, we are still not where we want to be in terms of delivery of service at [Virginia International Gateway] and [Norfolk International Terminals],” Reinhart said. “The challenge of congestion at our gates continues and impedes the ability for motor carriers to do their job with efficiency. At the gates, execution, consistency and adaptability is a primary focus.”