Ports of Virginia, Richmond agree to new 40-year lease

The Port of Virginia will continue to lease and operate the Port of Richmond barge terminal for the next 40 years, under a new agreement approved last week by the Richmond City Council, port officials announced.

The long-term partnership with the Port of Virginia will help integrate Richmond and central Virginia into global trade networks, said Richmond Mayor Dwight Jones in a press release.

"Ongoing city infrastructure investments in the port area paired with the tremendous resources the Port of Virginia can bring to bear mean this partnership is the right strategy to get results for our citizens inside and outside the gates of our port," said Jones.

Port of Virginia officials said in July that they were seeking a long-term lease for the city-owned terminal. The Virginia Port Authority has leased and operated the facility since 2011; that agreement was set to expire in summer 2016.

Under the Port of Virginia's management, cargo volumes at the Port of Richmond have grown year over year. In fiscal-year 2015, barge volumes rose 49 percent to more than 14,000 containers transported compared with FY2014's activity.

Located on the James River, the Port of Richmond is strategically positioned to capitalize on intermodal freight activity because of its direct access to rail via CSX Transportation and close proximity to Interstates 65, 64 and 85, officials said.