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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. [&[...]
Going cold turkey
To get a turkey on your Thanksgiving table this year, you may have to plan ahead. And even so, ham, pork tenderloin, chicken or even tofurkey might have to fill in as substitutes. Ukrop’s Homestyle Foods, the Richmond-based prepared food business spun off from the former regional grocery store chain, informed its customers[...]
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[...]
Eight Va. companies graduate from VEDP export program
Eight companies became the latest to graduate from the Virginia Economic Development Partnership’s Virginia Leaders in Export Trade (VALET) program, Gov. Ralph Northam announced Friday. The VALET program helps Virginia companies use international exporting as a growth strategy. During the two-year program, businesses learn international sales plan development services through trainings from international service providers, [&helli[...]
HII names new CIO for Newport News Shipbuilding
Jason K. Sutton has been promoted to chief information officer for Newport News Shipbuilding, parent company Huntington Ingalls Industries announced last week. Sutton, who joined the company in 2018 as director of operations integration and is currently program director for steel fabrication and assembly, will be responsible for[...]
Lyon Shipyard plans $24.4M expansion, adding 119 jobs
Norfolk’s Lyon Shipyard plans to expand its operation, investing $24.4 million and creating 119 jobs, Gov. Ralph Northam announced Wednesday. The 93-year-old ship repair and industrial service provider plans to build a new marine travel lift and a larger waterfront dry dock on the Elizabeth River. Virginia competed for the project with North Carolina, according […]
(In)land of opportunity
Now more than 80 years old, Richmond Marine Terminal is hardly acting like an old-timer. Nestled along the west side of the James River, about five miles south of downtown, it’s one of two inland ports operated by the Port of Virginia — terminals situated in the interior of the commonwealth that extend the reach [&hellip[...]
Turn up the volume
The Port of Virginia is benefiting from pent-up demand for goods, seeing a significant uptick in cargo volume since last fall, which translates into more work for truckers. The $800 million-plus investment made in the port’s Virginia International Gateway and Norfolk International Terminal has allowed more room for vessels[...]
Guest opinion: A pandemic game-changer
Each year, we lament the relative instability of the international shipping industry, analyzing unpredicted challenges and looking for signs of smoother sailing in the months ahead. It goes without saying that 2020 set a new bar for instability across the board. As the COVID-19 pandemic spread and lockdowns were implemented in t[...]
Authority of the port
In January, Stephen Edwards became the new CEO and executive director of the Virginia Port Authority, which oversees the Port of Virginia. The former CEO of Los Angeles-based TraPac, which operates container terminals in California and Florida, Edwards succeeds John Reinhart, who retired after seven years at the authority’[...]
On the road again
Major road projects are happening across the state, but the undeniable headliner is the largest infrastructure project in state history, the $3.8 billion Hampton Roads Bridge-Tunnel expansion. In October 2020, crews broke ground on the HRBT expansion, which will increase tunnel and interstate capacity along 9.9 miles of Intersta[...]
