Port predicts decrease in revenue

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The weakening economy and local competition could mean annual revenue dips 6.5 percent for the state-owned port, according to budget documents released by Virginia Port Authority.

Port officials are expecting a slowdown because of weakening demand for foreign goods and the potential loss of two clients to APM Terminals in Portsmouth. The $450 million private terminal opened last year and has been serving its Maersk shipping line. 

Shipping lines South Korean Hanjin and Taiwanese Evergreen have not renewed their long-term contracts with the port and could be considering switching to APM Terminals, port officials believe.

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