The port’s revenues were USD 37.9 million, and its operating income was USD 1.98 million, increases of 21.5 percent and 6 percent, respectively, when compared with last year.
“This is a solid start to our new fiscal year and a return to profitability after a loss in June,” said John F. Reinhart, CEO and executive director of the Virginia Port Authority. “Our performance and direction are improving, but much work remains to be done.”
The port has generated an operating profit in four of the last five months. Primary factors in July’s strong financial performance include: the port having taking over management of the empty container yards; recognizing revenue and cost from the operation of HRCP II (the port’s chassis pool); and the efficiencies being realized from multiple initiatives implemented since February at the terminals to improve delivery of service and cargo flow while controlling costs.
In the first seven months of 2014, TEU totals are at record levels: 1,344,425 TEUs, or a 6.8 percent increase when compared with the same period last year.
In July, truck volume increased by 2.3 percent and barge volume increased by 12.6 percent.
The Virginia Inland Port (VIP), the port’s intermodal terminal in Front Royal, also had strong volumes in July: VIP handled 3,345 total containers, a 51 percent increase when compared with July 2013, and the best July in the facility’s 25-year history. Year-to-date, VIP has achieved 25 percent growth in container volume.
In July, the port worked 176 vessels (container, breakbulk and Ro-Ro) making it the best month for vessel calls in more than five years.