NORFOLK, Va. — The Virginia Port Authority today rejected two offers worth billions of dollars to privatize the operations of the state’s coastal terminals, choosing to keep and restructure the port’s current operator instead.
The authority’s board of commissioners voted unanimously to discontinue negotiations with two companies that were seeking to lease and operate most of the state’s terminals for the next several decades.
In a separate unanimous vote, the authority voted to move forward with changing the corporate structure of Virginia International Terminals to put it under more direct control by the authority. The intention is to eliminate duplications, increase efficiencies and reduce costs.
Calls to privatize the Port of Charleston emerged in 2009, but they have since died down.