Virginia Completes FY 2024 with Growth in Cargo Volumes and Progress on Infrastructure Projects

Channel widening, terminal expansion support efficient movement of larger volumes

July 30, 2024

NORFOLK, VA - The Port of Virginia® closed fiscal year 2024 (FY24) having processed 3.5 million twenty-foot equivalent units (TEUs), a 2 percent increase over fiscal year 2023 and the second-best fiscal year performance in the port's history. The growth in cargo volume is just one of the successes of FY24, the port's chief executive said.

The port is making gains on its $1.4 billion infrastructure program that is creating a modern, efficient and sustainable port that has the capabilities and capacity to serve its customers and users for decades to come.

In September 2023, construction began on the renovation of the North Berth at Norfolk International Terminals (NIT) to enhance the port's capability to serve larger, fully-laden container ships. In January, the port announced its transition to 100 percent clean electricity, leading all major US East Coast ports and accelerating the port's goal to achieve net-zero carbon emissions by 2040. In March, dredging was completed on a wider shipping channel that allows for safe, two-way movement of ultra-large container vessels, reducing port stay by up to 15 percent.

"The work the port team did during fiscal year 2024 is critical to the progress we are making on the projects that are part of our [$1.4 billion] Gateway Investment Program," Virginia Port Authority CEO and Executive Director Stephen Edwards said. "We are doing exactly what we set out to do, which is deliver world-class, twenty-first century service to our users, enhance efficiency and capabilities, expand infrastructure, become a more sustainable operation and make inroads into new markets. We are further developing our assets to ensure the needs of our customers and [port] users will not outgrow our capabilities in Virginia."

The fiscal year's (July 1, 2023 - June 30, 2024) highlights include:

"We welcomed new vessel services to South America and the Indian Subcontinent as well," Edwards said. "We are collaborating with our customers, port users and partners to open up new markets to meet the needs of those companies that want to grow and diversify their logistics and supply chains.

"Our modern, semi-automated terminals, combined with our unique business model, where we both own and operate our terminals, proved their value during the surge of cargo that came our way because of the tragic bridge collapse that closed the Port of Baltimore for nearly three months. We processed the diverted cargo without any degradation of service and clearly demonstrated our position as the most modern gateway in America."

FY24 vs FY23

• TEUs - 3,499,639 TEUs, up 2%

• Containers - 1,930,480, up 1.4%

• Loaded Export TEUs - 1,139,925, up 4.2%

• Loaded Import TEUs - 1,625,267, up 3.6%

• Rail Containers - 784,597, up 13%

• Barge Containers - 64,106 containers, down 24.4%

• Truck Containers - 1,081,777, down 3.7%

• Breakbulk Tonnage - 283,817, up 112.1%

• Ship Calls - 1,733, up 5%

June Cargo Highlights (vs June 2023)

• TEUs - 295,975, up 12.1%

• Containers - 164,899, up 13.1%

• Loaded Export TEUs - 95,262, up 15.6%

• Loaded Import TEUs - 124,991, up .5%

• Rail Containers - 59,217, down 1.2%

• Barge Containers - 4,328, down 15%

• Truck Containers - 101,354, up 25.5%

• Breakbulk Tonnage - 33,152, up 185.3%

• Ship Calls - 149, up .7%

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The Virginia Port Authority (VPA) is a political subdivision of the Commonwealth of Virginia. The VPAowns 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 leasesVirginia International Gateway and Richmond Marine Terminal. An economic impact study conductedby The College of William and Mary shows that The Port of Virginia helps to create more than565,000 jobs and generated $63 billion in Virginia gross state product.

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