Economy of Norfolk, Virginia - Commercial Ports

Commercial Ports

After the military, the 2nd largest and most important industry for Hampton Roads and Norfolk based on economic impact are the region's cargo ports. Headquartered in Norfolk, the Virginia Port Authority (VPA) is a Commonwealth of Virginia owned-entity that, in turn, owns and operates three major port facilities in Hampton Roads for break-bulk and container type cargo. In Norfolk, Norfolk International Terminals (NIT) represents one of those three facilities and is home to the world's largest and fastest container cranes. Together, the 3 terminals of the VPA handled a total of over 2 million TEUs and 475,000 tons of breakbulk cargo in 2006, making it the 2nd* busiest port on the east coast of North America by total cargo volume after the Port of New York and New Jersey. In addition, just across the Elizabeth River in Portsmouth, Maersk is spending $450 million to open the largest container terminal on the East Coast sometime in late 2007.

In addition to NIT, Norfolk is home to Lambert's Point Docks, the largest coal trans-shipment point in the Northern Hemisphere, with annual throughput of approximately 48 million tons. Bituminous coal is primarily sourced from the Appalachian mountains in western Virginia, West Virginia, and Kentucky. The coal is loaded onto trains and sent to the port where it is unloaded onto large breakbulk cargo ships and destined for New England, Europe, and Asia primarily.

Most major shipping lines have a permanent presence in the region with some combination of sales, distribution, and/or logistical offices, many of which are located in Norfolk. In addition, many of the largest international shipping companies have chosen Norfolk as their North American headquarters. These companies are either located at the Norfolk World Trade Center building or have constructed buildings in the Lake Wright Executive Center office park. Among them include:

• CMA CGM - The French firm and world's 3rd largest shipping line has its North American headquarters in Norfolk.
• Zim Integrated Shipping Services - An Israeli owned shipping line and the 13th largest in the world, also has its North American headquarters in Norfolk.
• Maersk Line Limited - A subsidiary of the world's largest shipping line, A.P. Moller-Maersk Group, specializing in US government shipping contracts.