APM Offers to Operate Hampton Roads Port Facilities for Virginia

APM Terminals is offering to operate all Port of Virginia facilities in Hampton Roads and related inland locations under a long-term concession agreement with the Virginia Port Authority (VPA), it said. It proposes to transfer ownership of its facility in Portsmouth to the state, and pay concession fees, make significant additional capital investments, and provide a share of the operations' revenue to the VPA. It said the value of the proposal to Virginia is between $3 billion and $4 billion. APM has operated in Hampton Roads for more than 30 years, and the $540 million it spent to build its Portsmouth facility was one of the largest private investments ever made in Virginia, said Eric Sisco, APM Terminals Americas Region president. The 50-page proposal was submitted under the guidelines of the Virginia Public-Private Transportation Act to Virginia's Office of Transportation Public-Private Partnerships, and will undergo a detailed review in the coming months.