Report: VIT plans to buy operating rights of APM Terminals

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Virginia International Terminals, the operator of the Virginia Port Authority, is planning to buy the operating rights to APM Terminals’ Portsmouth terminal, according to the Daily Press.

Currently, VIT is in competition with APM since it opened its $500 million, state-of-the-art terminal in July 2007.

Unnamed sources told the Daily Press that the length and value of the agreement are still being determined, but that the parties have signed a letter of intent.

The Virginia Port Authority issued a statement Wednesday saying it had been in discussions with APM Terminals since December about how to “optimize operations and use the world-class assets and capabilities available at The Port of Virginia to address the current commercial environment at the port, as well as the growth and capacity that will be required in the future.”

A deal could affect the proposals of the three bidders that are in competition to buy the operating rights of the Port of Virginia. Transportation Secretary Pierce Homer is putting together an independent review panel to review those proposals. 

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