NORFOLK (AP) -- The Virginia Port Authority is close to signing a deal with a Netherlands company to lease the Portsmouth marine terminal for 20 years.
Authority members were expected to approve the $800 million deal with APM Terminals on Tuesday but delayed a vote until late June.
Port Authority Executive Director Jerry A. Bridges says the delay is to ensure all the legal documents are in place. He says the lease should start on July 1.
The public authority plans to shift cargo now moving through its own Portsmouth terminal to the APM property, which is a newer and more efficient terminal.
That should enable the authority to handle about 4 million 20-foot container units a year, or more than double the amount handled in fiscal year 2009.
Information from: Daily Press, http://www.dailypress.com
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