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Tag: trade

10 Va. companies graduate from VEDP’s export trade program

Gov. Ralph Northam announced Thursday that 10 Virginia companies have graduated from the Virginia Economic Development Partnership’s (VEDP) Virginia Leaders in Export Trade (VALET) program, which now has more than 300 graduated companies. 

The VALET program helps Virginia companies to establish domestic operations for exports and encourages using international exporting as a growth strategy. During the two-year program, businesses learn international sales plan development services through trainings from international service providers, meetings with potential partners, educational events and market research. There are currently 45 companies participating in the VALET program.

“Lending its proven, extensive set of resources to Virginia exporters, the VALET Program positions companies to thrive in the global marketplace,” Northam said in a statement. “This program continues to be an important catalyst for driving export sales and private sector investment — and the commonwealth’s economy is stronger as a result.”

The graduating companies include:

  • Dynamis Inc., Fairfax County
  • FoxGuard Solutions Inc., Montgomery County
  • Huntington Ingalls Industries Technical Solutions Division, Virginia Beach
  • Innerspec Technologies Inc., Bedford County
  • Line Power, Bristol
  • New Ravenna Acquisition LLC, Northampton County
  • Parabon NanoLabs, Inc., Fairfax County
  • Spectra Quest Inc., Henrico County
  • STR Software Company, Chesterfield County
  • SYNEXXUS Inc., Arlington County

“Virginia is one of the most competitive states in the nation for exporting, and VEDP’s International Trade team contributed greatly to our standing,” Secretary of Commerce and Trade Brian Ball said in a statement. “From Bristol to the Eastern Shore, it’s exciting to see such a diverse group of companies across the commonwealth working to grow their international sales, which will bring jobs and capital investment in Virginia.”

Virginia exports more $35 billion in goods and services annually, according to Northam’s release, which supports more than 257,000 jobs and generates $2 billion in annual tax revenue. 

“VEDP is committed to assisting Virginia companies in growing their international sales, which is more important than ever in this time of economic recovery,” VEDP President and CEO Stephen Moret said in a statement. “We are proud of the continued success of the VALET program and its participants, who not only experience sales growth while in the program, but also learn valuable lessons about pursuing international sales that they can carry forward. 

“The impact of the jobs and investments these companies contribute in every region of the commonwealth cannot be overstated.”

 

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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 27 months, 86 cranes have been delivered to the port to expand the port’s two main terminals, Norfolk International Terminals and Virginia International Gateway. The expansions at NIT and VIG — collectively totaling nearly $800 million, have also included an 800-foot extension of the berth at VIG, 19,600 feet of new railroad tracks and more room to stack and sort containers.

“We continue to mark milestones in the expansion of the Port of Virginia and this one signals that we are very close to completion of the work we started three years ago,” said John F. Reinhart, CEO and executive director of the Virginia Port Authority, who announced Tuesday that he will retire in 2021. “We have modernized our cargo handling capabilities at NIT and VIG, and significantly increased our operational efficiency and these cranes are a big part of the reason.”

In Nov. 2016, the port approved a $217 million contract for Finland-based Konecranes to build and deliver 86 cranes to the NIT and VIG. The order called for NIT to receive 60 cranes and VIG to receive 26, making it the largest one-time order for automated stacking cranes in industry history, said Port of Virginia spokesperson Joe Harris. 

Photo courtesy Virginia Port Authority

Konecranes sent the first six cranes in January 2018, creating a two-year delivery cycle. The process was repeated 14 times, with four deliveries made to VIG and 10 to NIT, including the final delivery last Thursday.

“The ability to receive the cranes at the terminals, do the final assembly and installation and then put them to work as soon as they were ready has been integral to the success of our overall expansion projects,” Reinhart said in a statement. “It allowed us to begin to move our customers’ cargo safer, swifter and more sustainably while demonstrating to the industry that we were bringing on the new capacity as soon as it was available. It is important to recognize Kone for working with us in developing the delivery schedule, and its dedication to ensuring that these cranes arrived on time and on budget.”

Konecranes manufactured the cranes, but partnered with Roanoke-based industrial electric and automation systems company Toshiba Mitsubishi-Electric Industrial Systems Corp. (TMEIC) to outfit the cranes with automation technology needed to drive the cranes. TMEIC produces power electronics, electric motors, drives and uninterruptible power supplies for industrial machinery.

It’s anticipated that the expansion project will be completed this fall after NIT construction is finished and the terminal receives two ship-to-shore cranes. Upon completion, the port will be able to process an additional 1 million containers — 600,000 at VIG and 400,000 at NIT. 

“The maritime industry is facing unprecedented challenges, but there will be a recovery,” Reinhart said. “The Port of Virginia has the assets, equipment and capacity to be competitive and efficient while working with its customers and cargo owners to meet their needs.”

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Port of Virginia begins $350M dredging project

The dredging project to make Virginia the East Coast’s deepest port has begun nearly two-and-a-half years earlier than expected, The Port of Virginia announced Monday.

Dredging work started Dec. 2 to deepen the western side of Thimble Shoal Channel to 56 feet for commercial channels. After the dredging, the Norfolk Harbor will be able to host two ultra-large container vessels.

“This project, combined with all of the investments we are making at our terminals, tells the ocean carriers ‘we are ready for your big ships,’” Virginia Port Authority CEO and president John F. Reinhart said in a statement. “The container ships are getting bigger and require more water depth to safely operate and we are committed to working with our customers to meet their needs today, tomorrow and decades from now.”

The port authority and New Jersey-based Weeks Marine finalized the $78 million contract in October  for the first phase of work. The total cost of the project, including preliminary engineering and design work, is $350 million and is set to be completed by 2024.

The U.S. Army Corps of Engineers and The Port of Virginia began discussing the project in 2015 and agreed to share the cost of evaluating the benefits of dredging the Norfolk Harbor to a depth beyond 50 feet.

The project was able to begin early due to support from the U.S. Army Corps of Engineers and support from state and federal officials, according to the Port of Virginia.

The VPA owns and operates four general cargo facilities: Norfolk International Terminals, Portsmouth Marine Terminal, Newport News Marine Terminal and the Virginia Inland Port in Warren County. The Port of Virginia system also includes Richmond Marine Terminal.

“We are positioning ourselves to be the East Coast’s premier trade gateway,” Reinhart said in a statement. “Deep, wide channels will support many Virginia businesses and fuel cargo growth, job creation and economic investment across the Commonwealth.”