On Thursday, Virginia Governor Terry McAuliffe said that the Virginia Port Authority has entered into a 49-year lease extending its operation of the privately owned Virginia International Gateway, or VIG. The extension paves the way for an expansion project which will double the terminal’s handling capacity.
VIG is owned by Alinda Capital Partners and Universities Superannuation Scheme (USS). The authority signed a 20-year lease in 2010 to operate the 230-acre, one million TEU per year facility. The deepwater port is semi-automated and offers a 50-foot navigation channel, putting it among the relatively small number of East Coast ports that are already capable of handling fully laden New Panamax ships.
“Within the existing footprint, we will have the capability and capacity to process a total of . . . 2 million TEU annually through VIG,” said Aubrey L. Layne, Virginia secretary of transportation.