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Port of Va. had $100B+ economic impact in FY21
Amid some of the toughest months of the pandemic, the Port of Virginia set cargo records, processing more than 3.2 million TEUs (20-foot equivalent units) for the fiscal year ending June 30, 2021, and generating more than $100.1 billion in ancillary economic impact, according to the port’s fiscal 2021 economic impact report released Thursday. According […]
Diversity Leadership Series: Dr. Xiong Chang and Joseph Toe
Brought to you by Virginia Business and Bank of America, join us every other month for the Diversity Leadership Series — virtual fireside chats with a diverse group of Virginia business leaders sharing their insights and thoughts on leadership, their career paths, and diversity and equity. Our December 2021 discussion features Dr. Xiong Chang, […]
CMA CGM Group to acquire 90% stake in Los Angeles terminal
French shipping company CMA CGM Group, whose U.S. headquarters are in Norfolk, announced Wednesday that it has signed an agreement to acquire a 90% stake in the Fenix Marine Services (FMS) terminal in Los Angeles, based on an enterprise value of $2.3 billion. CMA CGM is funding the $1.8 billion acquisition from its own funds. […]
Manifest destiny
Taking on a new job during a pandemic could spell rough waters, particularly if the job relies on global commerce. But the past eight months largely have been smooth sailing for Stephen Edwards, the new CEO and executive director of the Virginia Port Authority, which oversees the Port of Virginia. Edwards came onboard in January, […]
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ED ALDRIDGE PRESIDENT, CMA CGM AMERICA LLP AND APL NORTH AMERICA, NORFOLK Aldridge took over as president of CMA CGM America in June 2020, and he has served as president of CMA CGM subsidiary North America, the nation’s oldest ocean carrier, since 2017. In February, the French company announced the $36 million expansion of its […]
Norfolk shipping, logistics company to create 400 jobs through $36M expansion
Shipping and logistics company CMA CGM Group will keep its North American headquarters in Norfolk and invest $36 million to expand its Hampton Roads and Northern Virginia operations, creating more than 400 jobs, Gov. Ralph Northam announced Thursday. The French company opened its first Virginia office in 2002 in Virginia Beach and in 2005 moved […]
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ED ALDRIDGE PRESIDENT, CMA CGM AMERICA LLP AND APL NORTH AMERICA, NORFOLK The CMA CGM Group serves 80% of the world’s commercial ports with a 502-vessel fleet and 110,000 employees. The American arm of its shipping and logistics company, based in Norfolk, has a workforce of more than 11,000 employees and serves 18 ports. In […]
Port expansion project nears finish line
The Port of Virginia announced Monday that the final group of stacking cranes needed to complete the $375 million crane addition portion of expansions at both the Norfolk International Terminals and Virginia International Gateway arrived May 14. The offloading process began the next day, Friday, May 15, and continued through the weekend. During the past […]
