The company that put the Virginia Port Authority on a path toward deciding whether to privatize its terminal operations defended its efforts Monday, saying during a public hearing that the status quo is no longer a sustainable option for the East Coast's third-largest port.
The Virginia Port Authority received an unsolicited bid from APM Terminals last spring to privatize most of its port operations, taking over the job that has been done by Virginia International Terminals Inc. for the past 30 years.
APM Terminals would lease the state's coastal ports for 48 years, fund capital improvements at the terminals and transfer ownership of its Portsmouth facility to the state. Local governments also would receive property taxes and other revenue that it can't currently receive from the existing facilities, which are exempt.
Source: AP. Read full article. (link)