Port tallies snow losses
Published 9:22 pm Wednesday, March 25, 2015
Officials have blamed the bad winter weather after the Port of Virginia lost $560,000 in February.
They had budged for a $288,000 loss after a loss of $1.3 million in February 2014, according to a news release.
Closing for four days, resuming operations, removing snow and lost productivity increased the loss.
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“It was a difficult month, the residuals of which we are still addressing,” stated John F. Reinhart, Virginia Port Authority chief executive officer and executive director.
“The storms and ensuing closures had a negative effect on every phase of our operation, especially service to motor carriers.”
Explaining the lower volume, Reinhart stated that 7,000 moves scheduled for February had to be shifted to the beginning of March, and eastbound export rail had to be halted to clear up on-terminal rail cargo.
“Those delays resulted in volume and revenue reductions in February, much of which will be captured in March,” Reinhart added.
To date, fiscal year results have improved $21.2 million over the same period last year, for an operating profit of $4.6 million.
March will continue to be challenging, according to Reinhart, but the port will keep investing to improve its performance.
“We have not been able to deliver consistency at the gates at Virginia International Gateway, but we are taking multiple steps and putting forth our best effort to restore service there,” he stated.
“We continue to be committed to delivering reliable service to our customers, stakeholders and partners.”