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Posted: 3:18 PM May 27, 2009
VA Port Authority Says Traffic Continues Decline
NORFOLK, Va. (AP) The Virginia Port Authority says its operating revenue and container traffic has declined by double digits so far this fiscal year, and officials are blaming the global recession and competition from a new port facility in Portsmouth.
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The Virginia Port Authority says its operating revenue and container traffic has declined by double digits so far this fiscal year, and officials are blaming the global recession and competition from a new port facility in Portsmouth.
From July 1 to April 30, container volume for the facilities run by Virginia International Terminals, the authority's operating company, fell nearly 19 percent from the same period a year earlier. Container volume for the entire port system is down more than 11 percent, to 1.6 million 20-foot units.
Operating revenue was $175.1 million, $42.2 million lower than the same period last year, according to information released Tuesday at a meeting of the authority's Board of Commissioners.
The fiscal year ends June 30.
