The principal facilities of the port’s complex are Norfolk International Terminals, Portsmouth Marine Terminal, Newport News Marine Terminal, and a recently leased APMT terminal also in Portsmouth.
The decision to terminate the process was reached for two overriding reasons said the Virginia Port Authority (VPA). Firstly, the proposals were received during a significant economic downturn that impacted the value of the VPA’s assets.
Secondly, said the port authority, there has been an increase in asset value that came as a result of a long-term lease of the APMT terminal in Portsmouth, which gives VPA operational control and the possibility of a further integration of its facilities.
“We are mindful that the three proposals were received during a severe economic downturn that reduced the volume of cargo moving through the Port, with consequential negative impacts on the Port’s revenues and value,” Virginia’s secretary of transportation, Sean Connaughton said.
He added: “Since that time, however, cargo volumes moving through the port have steadily increased. The bids, therefore, are not considered reflective of the value of the terminals based on the past investment made by the [Virginian] Commonwealth and their anticipated value as the economy recovers.”
