Port Signs New, Long-Term Lease for Virginia International Gateway
September 26, 2016 - 00:00
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The Port of Virginia has signed a new, long-term lease for Virginia International Gateway (VIG) that clears the way for the port to begin work on doubling capacity at the deep-water container terminal.
Virginia International Gateway full built-out, Source: The Port of Virginia
The new lease, which was negotiated during a two-year period, will give the port oversight of and operating rights at the terminal until 2065. Further, the lease allows the port to begin work on a USD 320 million project to build the terminal’s second phase; construction will begin this year.
Presently, VIG is processing 600,000 container lifts annually. The terminal is served by eight ship-to-shore cranes and has on-dock rail with service provided by both CSX and Norfolk Southern. The expansion will take an estimated three years to complete and result in a longer berth, an expanded rail operation, an expanded container yard and four new ship-to-shore cranes.