Port reinvests profits

Published 9:16 pm Thursday, June 18, 2015

The Port of Virginia moved a record 230,000 TEUs (20-foot equivalent containers) in May, generating, at $4.5 million, the best monthly financial performance of fiscal 2015, according to the port authority.

“The results we are seeing, in terms of monthly cargo volumes and the accompanying finances, are encouraging,” John F. Reinhart, the authority’s chief executive officer and executive director, said in a news release.

Continued growth is important, Reinhart added, because it enables reinvestment into the operation.

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“We have made significant investments in people, technology and equipment, but we have a long way to go in all of those areas in order to get our service levels where they need to be,” according to Reinhart.

“We have shown some improvement in these last months with our delivery of service, but our goal is consistency: week-to-week and month-to-month.”

Truck containers, rail containers and ship calls were also up compared with May last year, according to the authority.

This fiscal year, which ends June 30, the port has processed monthly TEU volumes of at least 200,000 units nine times.

“This type of volume requires significant upkeep for our equipment, so we are investing heavily in regular maintenance of our equipment,” Reinhart said.

“Thus far in fiscal 2015, we have invested $3.2 million more in maintenance when compared with last year. We will continue along this path in addition to adding new conveyance equipment to our fleet.”

May’s financial performance represents an improvement of $4.1 million when compared with the same month last fiscal year. The fiscal-year-to-date result is an operating profit of $14.5 million.