APM Terminals built a private terminal across the river from the Port of Portsmouth in 2007 and then leased the new terminal to the port for the next 20 years. Despite high expectations, the port will lose $11 million in the first two years of the lease.
For the first two years of a 20-year lease, APM Terminals Inc. is not the “grand slam homerun” the Virginia Port Authority’s top official portrayed it to be, at least financially.
The port authority now expects to lose about $11 million in its first two years leasing APM’s Portsmouth marine terminal, said the port authority’s finance chief.
That stands in contrast to comments made earlier this year by port authority Executive Director Jerry A. Bridges, who said the acquisition of the APM lease was “profitable right out of the chute.”