INTRODUCTION

As the Commonwealth's leading agency for international transportation and maritime commerce, the Virginia Port Authority has charged with operating and marketing the marine facilities, Newport News Marine Terminal, Norfolk International Terminals, Portsmouth Marine Terminal, and the Virginia Inland Port in Warren County, Virginia. All facilities are operated by Virginia International Terminals, Inc., a non-stock, non-profit operating affiliate of the Virginia Port Authority.

The Port of Virginia is located on one of the world's largest, naturally deep, ice-free harbors. 18 miles from the open sea, the harbor has deep 50-foot channels that allow passage of the largest ships. In addition to the advantages offered by easy access to the open sea, over 130 trucking companies and two of the nation's largest railroads, CSX and Norfolk Southern, enable the Port of Virginia to serve two-thirds of the U.S. population within 24 hours. Today, more than 95% of the world's largest shipping lines link Virginia to over 250 ports in 100 overseas locations.

The Port of Virginia has the second largest market share in general cargo tonnage on the East Coast, is within 750 miles of more than 152 million people, of 301,000 manufacturing firms and of almost 60% of nation's total personal income and consumer expenditures.

The Port's economic impact on the state represents 164,000 port and port-related jobs, $584 million in wages, $762.5 million in revenue to business providing maritime services, and $60.7 million in state and local tax revenue generated by activity at the terminals.

By developing its 2010 Plan, the Virginia Port Authority forecasts a possible 250 % increase in container cargo by the year 2010, and spends $400 million to double the size of the Norfolk International Terminals and enhance its other terminals.