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New rules
In theory, the Ocean Shipping Reform Act (OSRA) would, among other things, help reduce inflation by adding transparency to container handling fees. In practice, though, it’s not that simple. When President Joe Biden signed OSRA into law in June 2022, he touted it as a weapon against shipping costs that had soared during th[...]
Port of Virginia
The Port of Virginia again set a cargo record in fiscal year 2022, handling 3.7 million TEUs (20-foot equivalent units) and surpassing its 2021 record by 14.7%. The six-terminal port, which includes facilities in Hampton Roads, Richmond and Front Royal, also continued with its project to widen and deepen its channels to at least 55 […]
The ‘wrong inventory’
During the pandemic, consumers wanted things to make them feel comfortable at home — whether it was sweatpants, home décor or the latest fuzzy blanket. But as many workplaces have transitioned to hybrid or in-office work models and people are back to socializing outside the home, products that were over-ordered by companies d[...]
Choppy waters for ocean shipping
What a difference a year makes. In March 2022, ocean freight rates were at record highs, with capacity straining under the weight of historic U.S. import demand. High inventories and economic uncertainty prompted importers to pull back over the summer months, and volumes slowed. A spectacular rate collapse in the ocean freight m[...]
Going greener
The Port of Virginia is preparing for a greener future that includes less reliance on fossil fuels. It’s doing this by expanding its access to cleaner energy such as solar power; replacing older, diesel-fueled equipment with hybrid and all-electric alternatives; and supporting the region’s burgeoning offshore wind in[...]
Port cranes: Cause for concern?
The Port of Virginia may have as many as 30 Chinese ship-to-shore cranes that have come under scrutiny from Pentagon officials over national security concerns. Five more cranes are scheduled for delivery next year. Manufactured by state-owned company Shanghai Zhenhua Heavy Industries Co., known as ZPMC, the cranes are a possible[...]
Executive insights
Leaders from Virginia’s maritime sector share their thoughts about building a workforce pipeline in Virginia, the growth of offshore wind and how climate change impacts the industry. JUDY BARRETT Virginia Maritime Association board president; TowneBank private banking officer; Norfolk VB: As president of VMA’s board, what’s your main priority this year? Barrett: My main priority […][...]
Westward ho!
Southwest Virginia’s leaders feel confident their region will be home to the state’s next inland port. “The planets are aligning for us right now,” says state Sen. Todd Pillion, R-Washington County. “Our localities are excited about it. The state seems to be excited about it.” During the Virginia General Asse[...]
Port of entry
By all accounts, the Port of Virginia and the overseas shipping industry as a whole are major economic drivers in the commonwealth, with an upward trajectory expected to continue. For fiscal year 2022, the port’s TEU (20-foot equivalent unit) container volume hit a record 3.7 million units, a 14.7% increase from 2021, whic[...]
Fed Fifth District economy shrinks slightly
The economy in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) has contracted slightly since March, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. Published eight times per year, the Be[...]
Hampton Roads Shipping Association taps new president
The Hampton Roads Shipping Association has named Jeremy Bridges its new president, effective May 1. Bridges will succeed Roger Giesinger, who has led the nonprofit, Norfolk-based trade association for the past 28 years. Giesinger, who announced his retirement last year, will stay on as president emeritus for a brief transition period. Bridges comes to HRSA […]
At max capacity
Supply chain and logistics executives used to joke that no one knew or understood what their jobs were — that is, until the COVID-19 pandemic upended how goods were transported to warehouses and ultimately to customers. “Until you start to look behind the scenes, you don’t know how all of this gets to your door [&helli[...]
