Port of Virginia Signs Virginia International Gateway New Lease

Governor Terry R. McAuliffe on Wednesday announced that 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.

“This is an historic event for The Port of Virginia,McAuliffe said. “This new lease helps to put the port on the path to long-term sustainability which, in turn, will result in continued job creation, investment and revenue for the Commonwealth.”

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 $320 million project to build the terminal’s second phase; construction will begin this year.

The lease is between the Virginia Port Authority (VPA) and Virginia International Gateway Inc., which is owned by Alinda Capital Partners and Universities Superannuation Scheme (USS). The lease is scheduled to go into effect on November 1.

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.

 

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3rd International Congress Hydraulic Engineering Structures and Dredging

Russia’s leading maritime industry Media Group PortNews (www.portnews.ru) holds a traditional annual Congress “Hydraulic Engineering Structures and Dredging” in Moscow. 

The two-day Congress includes the 7th International Forum of Dredging Companies and the 3rd Technical Conference “Modern Solutions for Hydraulic Engineering”.

Infrastructure development is among the real sources of Russia’s economy growth. Construction of port facilities and new hydraulic engineering structures on the country’s inland waterways constitute an essential part of all infrastructure projects. It is important to take into account the best international practices to implement these projects effectively.

The program of the Congress will be devoted to the latest technologies for dredging and hydraulic engineering works. Speakers and delegates will refer to real projects to discuss specifics features of dredging works, as well as dedicated fleet and equipment involved.

To learn more about event, please, contact the organizing committee: snitko@portnews.ru

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