APM Offers to Operate Hampton Roads Port Facilities for Virginia
APM Terminals is offering to operate all Port of Virginia facilities in Hampton Roads and related inland locations under a long-term concession agreement with the Virginia Port Authority (VPA), it said. It proposes to transfer ownership of its facility in…
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Portsmouth to the state, and pay concession fees, make significant additional capital investments, and provide a share of the operations' revenue to the VPA. It said the value of the proposal to Virginia is between $3 billion and $4 billion. APM has operated in Hampton Roads for more than 30 years, and the $540 million it spent to build its Portsmouth facility was one of the largest private investments ever made in Virginia, said Eric Sisco, APM Terminals Americas Region president. The 50-page proposal was submitted under the guidelines of the Virginia Public-Private Transportation Act to Virginia's Office of Transportation Public-Private Partnerships, and will undergo a detailed review in the coming months.