APM Terminals leases terminal to Virginia Port Authority

APM Terminals, which will continue to own the facility and its principal capital assets, will maintain its Corporate Headquarters for the company’s Americas Region at the terminal facility in Portsmouth. In addition to the Virginia terminal, APMT operates 11 terminals in North and South America and operates numerous inland facilities in the region.

“APMT has made a significant investment in Hampton Roads and we believe in the long‐term success of the Port,” said Eric Sisco, President of APM Terminals Americas. “It made good business sense for us to work with the Port Authority to address the market situation and rationalise the Port’s capacity. Ultimately, the greatest benefits for all stakeholders are gained by integrating our operations under the VPA umbrella. We are looking forward to completing the final steps in this process.”

APM Terminals did not disclose financial details, but according to information on VPA’s website, the base rent for the first three years will be US$37m-$41m, rising to US$44m in 2014-2030 to total around US$865m.