Port of Virginia sets new fiscal year volume record, processes 3.7M TEUs in fiscal 2022

The Port of Virginia® set a new June cargo volume record having handled more than 317,000 TEUs (twenty-foot equivalent units), which is an increase of nearly 36,000 units when compared with last June.

June was the port’s fourth consecutive month of cargo volumes of 314,000 TEUs or more and the month’s activity helped elevate the port’s total TEU volume for fiscal year 2022 (FY22) to a record-breaking 3.7 million units. The FY22 TEU volume increased 14.7 percent when compared with FY21, which was the port’s previous best fiscal-year performance. (The port’s fiscal year runs begins July 1 and runs through June 30.)

“Our growth is being driven by the confidence our customers and the cargo owners have in our ability to process their ships and cargo swiftly, safely and efficiently,” said Stephen A. Edwards, the port’s CEO and executive director. “There were some challenges, but we adapted and delivered real value to all of our port users and the result is an increasing demand for the services of The Port of Virginia. Our labor partners and the entire port team performed at a very high level and the result is a record-setting fiscal year.”

The year held a number of heavy-cargo-volume months, high-level efficiency at the terminals, an ongoing focus on safety and investments in equipment and infrastructure: in May the port processed 340,000 TEUs, an all-time record for monthly productivity; throughout FY22 turn-times for motor carriers and dwell-time for import rail cargo were better than industry standards; the port’s lost workday rate was 1.68 per 200,000 hours worked; and in the spring, the port added two new ship-to-shore cranes and 15 shuttle trucks to its operation.

“We processed a lot of cargo while making significant progress in other areas,” Edwards said. “We’re moving forward on our $1.4 billion capital investment package that includes expanding rail capacity, widening and deepening our channels to at least 55 feet deep and modernizing the North Berth at Norfolk International Terminals. In addition, we’re opening up new markets for cargo owners and shippers through reworked vessel services that are offering direct Asia-to-Virginia connections. And we are building the reputation as the East Coast alternative to ports that are having to address congestion issues.”

The fiscal year’s record cargo volume was driven primarily by an increase in loaded imports, followed by growth of empty export boxes. In FY22 the port worked 1,471 vessels, which is 67 fewer than in FY21. The Port of Virginia maintained its position as the US East Coast’s leading rail port having moved 32 percent of its total cargo volume, or nearly 650,000 containers, by rail in FY22.

FY22 vs FY21

• TEUs — 3,695,156 TEUs, up 14.7%
• Containers – 2,053,524, up 15.5%
• Loaded Export TEUs — 1,045,765, up 2.9%
• Loaded Import TEUs — 1,768,850, up 16.3%
• Rail Containers — 653,739 up 12.4%
• Barge Containers – 86,126 containers, up 25.7%
• Truck Containers – 1,313,659, up 16.5%
• Breakbulk Tonnage – 172,734, up 103.7%
• Ship Calls – 1,471, down 4.4%

June Cargo Highlights (vs June 2021)

• TEUs – 317,742, up 12.9%
• Containers – 176,492, up 12.5%
• Loaded Export TEUs – 86,138, up 9.2%
• Loaded Import TEUs – 152,496, up 9.9%
• Rail Containers – 56,626, up 10.1%
• Barge Containers – 9,033, up 36.6%
• Truck Containers – 110,833, up 12.2%
• Breakbulk Tonnage – 19,025, up 140.4%
• Ship Calls – 128, down 3.8%

The Virginia Port Authority (VPA) is a political subdivision of the Commonwealth of Virginia. The VPA owns and through its private operating subsidiary, Virginia International Terminals, LLC (VIT), operates four general cargo facilities Norfolk International Terminals, Portsmouth Marine Terminal, Newport News Marine Terminal and the Virginia Inland Port in Warren County. The VPA leases Virginia International Gateway and Richmond Marine Terminal. A recent economic impact study from The College of William and Mary shows that The Port of Virginia helps to create more than 400,000 jobs and generated $92 billion in total economic impact throughout the Commonwealth on an annual basis. In 2018, 2019 and 2021, CNBC ranked Virginia “Best State for Business” and the port is a significant, contributing factor in the network’s formula.