The Port of Virginia has signed an almost 50-year lease of the Virginia International Gateway (VIG) marine terminal in Portsmouth. Taking effect Nov. 1, the lease was signed between the port and Virginia International Gateway Inc., which is owned by Alinda Capital Partners and Universities Superannuation Scheme, gives the port oversight of the terminal and its operations. Plans include a $320 million investment to double the capacity of the highly automated terminal with longer berths, an expanded rail operation, larger container yard and four new cranes. Construction on the project is scheduled to begin this year and is expected to take three years.
âWe believe that the continued investment in people, technology and those capacity projects being undertaken here during the next three-to-four years are positioning The Port of Virginia to become the US East Coastâs premiere port,â John F. Reinhart, CEO and executive director of the VPA, said in a statement. âWe are seeing vessels in the 10,000-plus TEU range, we are processing more rail cargo than ever and the demand for our services is growing. We have momentum and our timing coincides well with the changes in the industry.â
