Port Authority mulls port privatization

NORFOLK, Va. (AP/WAVY) - The Virginia Port Authority has heard details of two proposals to privatize some of the port's operations.

The last scheduled public hearing on the issue was held Monday at Nauticus in Norfolk.

"My fear is that if an operator is chosen that does not have the best interests of Virginia in mind, some of that cargo could be bled off to other ports," maritime professional Mike Abbott said.

Representatives of APM Terminals Inc. and a group headed by JP Morgan Chase & Co. spoke about their proposals during the hearing. The port's current operator, Virginia International Terminals Inc., also made its case for staying in the post.

"We're efficient, we're successful and by definition we're profitable even though we're a non-profit," Larry Ewan with Continental Terminals told 10 On Your Side. "It doesn't make sense, that as profitable as we are, to turn it over to a company who's sole interest is to stockholders in another country."

Virginia International Terminals representatives also said they support restructuring its relationship with the port authority.

The authority is scheduled to select a preferred proposal this spring, although some state lawmakers want to stop the process altogether.