One of the biggest container ports in the U.S., Port of Virginia, will not be privatized. This was decided unanimously by the port’s top management Virginia Port Authority Board of Commissioners (VPA Board) on Tuesday. Port of Virginia published the news via its blog and thereby, the billion-dollar proposal from the Maersk Group’s port company APM Terminals has been taken off the table.
For 18 months, politicians as well as hundreds of port-related companies and citizens have discussed a privatization of the Port of Virginia following APM Terminals’ bid. The total value of APM Terminals’ bid was 3.9 billion USD and reached 48 years into the future, a period during which the Maersk company would take over the operations of the entire port, including the container terminal which APM Terminals has built.