The smartest bet in the last week would be the wager that the Port of Virginia would announce a record-setting FY2022 after huge numbers of imports and containers passed through the east coast port, partly because of the ability to handle post-Panamax containerships and partly because cargo destined to LA was rerouted to bypass the congestion and delays on the west coast. The port set the record in June by handling 317,000 TEUs, 36,000 more than June 2021, and passing the fourth record-setting month straight to end the fiscal year 2022 with more than 3.7 million containers handled. This is 14% over the last fiscal year when the previous record was set. For posterity, the current monthly record was set in May, part of the four-month run of records, at 360,000 TEUs.
The success of the port comes from advanced planning that started half a decade ago, when the Panama Canal expansion allowed for bigger ships and ports had to update their infrastructure to accommodate them. Dredging the port deeper, widening it, adding new cranes and improving rail and truck services, the advancements were timed to ensure the port was ready with every new announcement.
Investments from the state and federal government and leadership focused on the future of trade in Virginia helped ensure the smooth transition, just in time for the imports to shift away from the west coast to hit the eastern ports and avoid congestion. The improvements helped the port avoid the delays and congestion that plagued gulf and east ports as it crippled the west coast. The Port of Virginia was steady through the storm, growing to finish at 14% over the year before.
If you need a suggestion on moving your cargo via the east coast ports, especially if you are interested in using the Port of Virginia, contact your Nelson International representative for more information.