APM Terminals offers Virginia billion dollar port deal
2012 05 24
- Details
Global port operator will hand over property in return for long-term partnership to take on Hampton Roads operations
PORTSMOUTH, Va. – APM Terminals of Portsmouth, Va., has submitted a proposal to the Commonwealth of Virginia for a strategic partnership with the Port of Virginia.
APM Terminals is offering to be responsible for the operation of all Port of Virginia facilities in Hampton Roads and related inland locations. APM Terminals will bring efficient operations through global knowledge, experience and management expertise in order to optimize the flow of cargo through the Commonwealth. Operation of the Port of Virginia by APM Terminals will result in an efficient, integrated and modern complex.
Under the terms of the proposal, APM Terminals will transfer ownership of its facility in Portsmouth to the Commonwealth of Virginia. The total financial value to the Commonwealth over the term of the partnership is estimated to be between $3 and $4 billion (in today’s dollars) through initial payments, fixed concession payments, revenue sharing, capital investments, and tax benefits, transferring market risk from the Commonwealth to the private sector.
APM Terminals is committed to Hampton Roads through its significant investments and is a trusted partner to ports worldwide. APM Terminals successfully designed, built, and implemented the leading U.S terminal, one of the largest public port investments in U.S. history, right here in Portsmouth.
“We are excited about this potential next step in our relationship with the Commonwealth of Virginia and the Virginia Port Authority,” said Eric Sisco, APM Terminals Americas Region President. “Our proposal provides for the lowest cost, long term solution for future growth at this time of a stabilizing economy and the eventual expansion of global commerce.”
The proposal submitted under the guidelines of the Virginia Public-Private Transportation Act will undergo a detailed review in the coming months. The 50 page document has been submitted to the Commonwealth of Virginia’s Office of Transportation Public-Private Partnerships and can be obtained by going to: http://www.vappta.org/projects.asp
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