Employed at its marine cargo terminals in Norfolk, Portsmouth, Newport News and the Virginia Inland Port, the employees comprise 20% of VIT’s workforce.
“VIT has taken every cost-cutting step imaginable to avoid job losses,” said Joseph Dorto, VIT’s CEO and general manager. “Unfortunately, the sustained recession in global markets has overtaken VIT and we are no longer able to financially support our current operating model. This is the most difficult day in my 40 year career,” he said.
“For the last year we have discussed the overall economy, our volumes and our revenues,” Dorto said. “None of these factors has improved for us or the shipping industry at large and many experts believe we are two years removed from real recovery.”