Virginia port authority signs new lease for VIG terminal
The Port of Virginia has signed a new lease to oversee and operate the Virginia International Gateway (VIG) terminal until 2065.
The lease, which was signed between the Virginia Port Authority (VPA) and Virginia International Gateway Inc, is expected to go into effect on November 1 and will allow the port to start works for a US$320m project to build VIG’s second phase.
The expansion project, for which construction is expected to start in 2016 and last three years, includes doubling VIG’s capacity to 2m teu, increasing its berth’s length, expanding its rail operation and container yard, and purchasing four new ship-to-shore (STS) cranes.
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