This comes at a low point for the port, which has lost US$120m over the last five years, and is expected to lose up to US$23.4m for the current fiscal year that ends 30 June 2014.<\/p>\n
Addressing executives at the Hampton Roads Chamber of Commerce, Mr McAuliffe, said: \u201cDon\u2019t tell me how much our cargo is growing if we are losing money. Growth for the sake of growth without profit is not something I am interested in. I would prefer to have less cargo and more profit.\u201d<\/p>\n
Making a significant dent in the port\u2019s profits is the authority\u2019s 20-year lease of the APM facility, which gives the agency control over all operations at APM Terminals Virginia, and is expected to cost the authority more than US$70m a year by the time the deal ends in 2030.<\/p>\n
Highly automated, the US$450 million terminal in Portsmouth located on a 291-acre site is the largest privately-owned terminal in North America.<\/p>\n
Apparently, the Governor has pushed for a re-negotiation of the lease and suggested that one offer has already been proposed.<\/p>\n
APMT was unavailable for comment.<\/p>\n
The Governor also mentioned plans to change the authority board, which is made up of 13 members, 11 appointed by the governor.<\/p>\n
While there\u2019s a lot of work still to be done, Mr McAuliffe said he is hopeful the management of CEO and executive director, John F Reinhart, will mean a bight economic future for the port.<\/p>\n","protected":false},"excerpt":{"rendered":"
Virginia Port Authority is looking to put an end to \u201ccontinuing losses\u201d at the port, starting with the re-negotiation of APM Terminals\u2019 20-year lease of the Portsmouth facility.<\/p>\n","protected":false},"author":8,"featured_media":2076,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[29],"tags":[],"sponsor":[],"class_list":["post-2075","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-north-america"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.portstrategy.com\/greenport-congress\/wp-json\/wp\/v2\/posts\/2075","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.portstrategy.com\/greenport-congress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.portstrategy.com\/greenport-congress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport-congress\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport-congress\/wp-json\/wp\/v2\/comments?post=2075"}],"version-history":[{"count":0,"href":"https:\/\/www.portstrategy.com\/greenport-congress\/wp-json\/wp\/v2\/posts\/2075\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport-congress\/wp-json\/wp\/v2\/media\/2076"}],"wp:attachment":[{"href":"https:\/\/www.portstrategy.com\/greenport-congress\/wp-json\/wp\/v2\/media?parent=2075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport-congress\/wp-json\/wp\/v2\/categories?post=2075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport-congress\/wp-json\/wp\/v2\/tags?post=2075"},{"taxonomy":"sponsor","embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport-congress\/wp-json\/wp\/v2\/sponsor?post=2075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}