Recession causes major cutbacks at state port
- January 22, 2009
Reeling from reduced exports and imports, the Port of Virginia and its operating arm are making major cutbacks to endure the recession.
Virginia International Terminals, which operates the Port of Virginia, is eliminating overtime, cutting employee pay raises and bonuses and reducing hours for longshoremen by 100,000 hours in November compared with the prior month.
As the worldwide economy weakens, consumers are spending less, causing international trade to fall. Port officials say container volume was down 2 percent in 2008, but expect it to fall another 12 percent this year. VIT President and CEO Joe Dorto expects it to take a few years to recover. (The Virginian-Pilot)