Virginia in lease discussions with APM

These discussions have been approved by the Federal Maritime Commission and are outlined in its ruling of Dec. 7, 2008. The economic downturn brought both parties to the table to discuss ways of optimising the assets of the Port of Virginia. To date, those talks have included a number of potential options such as volume consolidations, lease arrangements, operating agreements and other opportunities.

Earlier this year CenterPoint Properties made an unsolicited bid under the state’s Public-Private Transportation Act to purchase a long-term operating concession for the terminals owned and operated by the VPA. That proposal was followed up by two more similar proposals from private companies also seeking an operating concession.

The VPA/VIT and APM discussions run parallel to the review of the unsolicited bid proposals. Further, the VPA/VIT and APM discussions are not governed by the Public-Private Transportation Act.