APM Terminals proposes billion dollar port deal to Virginia
2012 05 26
- Details
APM Terminals has submitted a proposal to the Commonwealth of Virginia for a strategic partnership with the Port of Virginia, which the terminal operator values at between US$3 and $4 billion.
APM Terminals is offering to operate all the Port of Virginia's facilities in Hampton Roads and related inland locations under a long-term concession agreement with the Virginia Port Authority (VPA).
Under the terms of the proposal, APM Terminals will transfer ownership of its facility in Portsmouth to the Commonwealth. APM Terminals will also pay concession fees, make additional capital investments, and provide a share of the operations' revenue to the VPA.
"We are excited about this proposed next step in our relationship with the Commonwealth of Virginia and the Virginia Port Authority," said Eric Sisco, APM Terminals Americas Region president in a company statement.
"Our commitment to Hampton Roads has been long and substantial. We have operated in the port for over 30 years, and the $540 million we spent to build our Portsmouth facility represents one of the largest private investments ever made in the Commonwealth."
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/unsolicited_conceptual_ppta_proposal_brto_operate_port_of_virginia.asp
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