Virginia's decline in volumes was more or less in line with most North American ports as they battled to combat the economic crisis sweeping the globe.
The port authority is pressing ahead with plans for the Carney Island Eastward Expansion, which will provide a large tranche of new container terminal capacity.
In May 2009, the project received approval for US$28.5m in funding as part of the US President's proposed 2010 budget. The port says the funds will be used for construction, which will begin once ongoing engineering work is completed on site. The multi-phase project envisages a 243ha complex with 2,560 metres of linear quayline and 20 STS cranes. The facility will be built in three phases over 20-25 years and will provide capacity for at least 2.5m teu.
Virginia is one of four major US ports handling in excess of 1.5m teu where the terminals are owned and operated by their respective port authorities. In March this year, the port's cargo terminals became the target of a takeover approach by CenterPoint Properties, a Chicago-based real estate developer majority owned by California Public Employees' Retirement System.
CenterPoint's offer amounted to US$3.5bn in today's dollars or $8.9bn in total value to the Commonwealth of Virginia over the life of a proposed 60-year concession.
A decision on the privatisation is not likely to be made until the next governor of Virginia is elected in November.
