Container traffic grew by 4.6 percent to 1,403,495 TEUs, despite the 28-day trucking disruption earlier in the year.
Virginia Port’s Fiscal 2015 Begins Profitably and With Record Container Volume
In July, the port’s TEU volume of 207,771 units surpassed the monthly record set last October by 1,174 TEUs. Port revenues of $37.9 million and operating income of $1.98 million were up 21.5 percent and 6 percent, respectively, from July 2013 levels.
"This is a solid start to our new fiscal year and a return to profitability after a loss in June," said John F. Reinhart, CEO and executive director of the Virginia Port Authority. "Our performance and direction are improving, but much work remains to be done."
The port has generated an operating profit in four of the last five months. It ascribes in July’s strong financial performance to these factors: the port’s taking over management of the empty container yards; recognizing revenue and cost from the operation of HRCP II (the port’s chassis pool); and the efficiencies realized from multiple initiatives implemented since February at the terminals to improve delivery of service and cargo flow while controlling costs.
"Fiscal 2014 was a pivotal year for the port and we are confident in our ability to continue to implement constructive changes as we move forward together, to better serve our customers and stakeholders," Mr. Reinhart said. "Our focus continues to be those initiatives that will reduce cost, increase velocity, improve service and maintain profitability."
Container throughput through July reached a record 1,344,425 TEUs, up 6.8 percent from the first seven months of CY 2013. Other July data point to increased container volumes via truck and barge and a slight drop in rail traffic. Overall trucks accounted for 64 percent, rail for 32 percent and barge for 4.0 percent of the containers shipped in and out of the port.
The Virginia Inland Port (VIP) handled 3,345 total containers in July, a 51 percent increase from a year ago and the best July in the facility’s 25-year history.
In July, the port worked 176 vessels (container, break bulk and ro/ro) making it the best month for vessel calls in more than five years.