Port of Virginia


DOING BUSINESS IN HAMPTON ROADS


FEATURED INDUSTRY

Maritime: Shipbuilding and Repair


LATEST TWEETS


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At the Helm of Trade in Hampton Roads

The Port of Virginia is one of Hampton Roads’ greatest assets. This first-in last-out port of call facilitates trade in the region responsible for a throughput of more than 2,700,000 TEUs in 2018 worth a value of $73,796 Million USD. The Port ranks in at #3 for East Coast ports, in terms of TEUs, accounting for approximately 13% of total market share. Between FY13-FY18 more than 250 businesses either located to, or expanded their Virginia operations, due to the Port. Among them were ACE Hardware, Target, Canon, Smithfield Foods, and Amazon. Well integrated with other regional transportation infrastructure including railway, barge, and highway, the Port of Virginia is a key component to accessing the global marketplace and supporting our targeted industry clusters.

Infrastructure

  • 6 Terminals
  • 22 Suez-class, ship-to-shore cranes
  • 2 Class 1 railroads operating on-dock, with a total of 30 miles of track
  • 50-foot channels, undergoing expansion to 55 feet to be completed by 2024
  • 19,885 L.F of berth
  • 0 Air Draft Restrictions

#3 East Coast Port in terms of cargo processed

Virginia-based jobs related to Port activity generated $23 Billion in paychecks and benefits to Virginians

Global Reach

The Port of Virginia offers great connectivity with markets around the world, both globally and here in the United States. In total, there are direct services to over 45 countries and indirect to 200+, with our top trading partners being China, Germany, Belgium and the Netherlands. There are 15 weekly vessel calls to Asia and 13 to Europe. More locally, the Port uses its integration with local logistics to reach key markets with ease. In just two days or less, goods can reach Chicago or Columbus via rail, and 2/3rds of the United States population via truck.

Imports and Exports


  • Top 10 Exports 2019

  • Logs and Lumber
  • Soybeans and Products
  • Paper and Paperboard
  • Wood Pulp
  • Pet and Animal Feeds
  • Grocery Products
  • Field Seeds and Bulbs
  • Auto Parts
  • Woodenware
  • Poultry
  • Top 10 Imports 2019

  • Furniture
  • Auto Parts
  • Plastic Products
  • Toys
  • Paper and Paperboard
  • Auto and Trick Tires and Tubes
  • Fabrics; Incl Raw Cotton
  • Hardware
  • Sheets, Towels, Blankets
  • Metalware
Did you know?

A 2024 expansion plan will make the POV the deepest port on the East Coast at 55 ft

Foreign Trade Zones

Foreign Trade Zones (FTZ) are areas which are geographically inside the United States, but are legally considered outside its customs territory. Companies that locate in FTZs can benefit by using special procedures to encourage U.S. activity by reducing, eliminating, or delaying duties.

Benefits of Using a FTZ

  • Duty Deferral: Users can avoid paying duties on imported merchandise until the goods are removed from the FTZ and enter in the U.S. commerce. Duty on machinery is deferred until it is put into production; there is no duty paid on re-exports or scrap.

  • Inverted Tariffs/Duty Reduction: FTZ users can pay lower duty rates on goods produced in the zone when the finished product has a lower duty rate than the imported components and parts.

  • Weekly Entries: Zone users will benefit if they file multiple Customs and Border Protection entries each week. FTZs allow the user to file this paper work once a week at a rate no higher than $485.

  • No Time Constraints: Goods may remain in the zone indefinitely, whether or not it is subject to duty.

  • Customs Compliance: Customs & Border Protection requirements and federal criminal sanctions are deterrents against theft. Cargo that is imported into FTZs have fewer incidents of loss and may result in lower insurance costs.
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COMMITTED TO HAMPTON ROADS

CONTACT US

Hampton Roads Alliance
500 Main St, Suite 1300
Norfolk, VA 23510
P: (757) 627-2315
F: (757) 623-3081

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COVID-19 INFORMATION AND RESOURCES
Get the guidance you need on our 757 COVID-19 Business Recovery Forum. Read advice from industry experts and ask questions at www.757recovery.com. For business resources related to Coronavirus, please visit the Hampton Roads Chamber’s COVID-19 Business Resource Guide.