The Port of Virginia is set to complete its $1.4 billion Gateway Investment Program, enhancing capacity for ultra-large container vessels by 2026.
The Port of Virginia is nearing the completion of its $1.4 billion Gateway Investment Program, which aims to enhance its infrastructure with deeper channels and a new berth for ultra-large container vessels (ULCVs) by early 2026, as reported by the American Journal of Transportation.
In February, the port will finalize a $450 million dredging project that will create 55-foot-deep channels, allowing for two-way traffic of the largest ships on the Atlantic trade without tidal restrictions.
Interim CEO Sarah J. McCoy emphasized that deep water is as crucial as landside assets for maintaining competitiveness. She noted that modern terminals and deeper channels position Virginia as the preferred choice for large vessels.
The port is also set to inaugurate a fourth ULCV berth at Norfolk International Terminals South, which will be equipped with four new Suez-class cranes. This development will provide Virginia with two ULCV berths each at NIT South and Virginia International Gateway.
A fifth berth is planned for NIT North, expected to be completed in 2027 following a $650 million reconfiguration.
Chief Sales Officer Thomas D. Capozzi stated that the modernization efforts will ensure capacity for growth, highlighting the port's recognition as International Port of the Year by Lowe's for the fourth consecutive year.
Mr. Capozzi added that the Gateway Investment Program will enable an annual throughput capacity of nearly six million TEUs and two million rail lifts, supported by the deepest channels on the U.S. East Coast.
