NORFOLK, Va. (WAVY) — Officials with The Port of Virginia experienced their biggest one-month drop in May 2020 since the coronavirus began slowing the global economy.
On Monday, the group said the future shows a possible continuation of the downward trend into — and possibly through — August.
The amount of cargo moving across the port’s terminals in May declined by more than 59,000 TEUs (twenty-foot equivalent units) when compared with May 2019.
The decrease in cargo doesn’t only impact port terminals, but also truck moves, rail volume, breakbulk tonnage and the amount of cargo being handled at Virginia Inland Port.
“It is a significant loss in volume that is being felt throughout the organization and the situation is similar across the entire maritime industry. We are forecasting that this trend will continue through the end of summer because our customers are telling us that the blank sailings will continue into early September.”John F. Reinhart | CEO and executive director of the Virginia Port Authority
May Cargo Snapshot
- Total TEUs – 201,837, down, 22.6%
- Loaded Export TEUs – 72,160, down 18.1%
- Loaded Import TEUs – 87,669 down, 26.7%
- Total Containers – 112,913, down, 22.7%
- Virginia Inland Port Containers – 2,117, down 24.7%
- Total Rail Containers – 37,205, down 27.4%
- Total Truck Containers – 71,117, down 21.3%
- Total Barge Containers – 4,591, up 3.4%
- Richmond Marine Terminal Containers – 3,413, up 24%
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