The Port of Virginia is continuing to invest into updating their facilities, in an effort to receive more of the growing demand on the U.S. East Coast.
In addition to that, the port has increased their square footage of new industrial warehousing to 4 million in the Norfolk area this year. Which is a stunning increase of ten times than what it was pre-pandemic.
More Infrastructure Investments
Like other ports on the U.S. Southeast, the Port of Virginia is investing $1.4 billion into a Gateway Investment Program, which will “build greater port help efficiency through semi-automation, expansion and a commitment to sustainability.
Per the Port of Virginia’s website, by 2024 the port will have the deepest channels on the East Coast to accommodate two-way traffic of ULCVs.
Part of this $1.4 billion investment is going towards expanding capacity at the Virginia Inland Port (VIP) near Front Royal and the Richmond Marine Terminal (RMT). A total of $18 million of that investment will be going towards these projects.
At the Virginia Inland Port, they plan to expand and update the terminal’s rail operation and the container stack yard via building three additional rail sidings and installing infrastructure for technology. Expected completion date is next year.
Out at the Richmond Marine Terminal – which has direct access to I-95 – the port plans to make improvements to the terminal’s main gate and develop a drop-lot for motor carriers. This project should be ready by next year.
“Investments in ports are critical to maintaining and growing a healthy supply chain. Modern conveyance systems and infrastructure that can handle and process cargo swiftly and safely are absolutely critical to operational success,” Stephen A. Edwards, CEO and Executive Director of the Virginia Ports Authority said in a statement back in August this year.
Looking Ahead
Investments into ports is important in order to continue growing an efficient and well-oiled supply chain. Everyone is impacted by shipping in one way or another. Whether you’re a consumer waiting for your goods to arrive on your front door, or a dockworker at a port ready to handle the containers coming into the port, and everyone else in between.
Should you have any questions regarding this and how it could impact your shipments, please reach out to our team today.
Additionally, we have our weekly market updates that can provide you with relevant freight news, updates, developments across the industry, and more.