Container volumes at the Port of Virginia fell 4% year-over-year to 306,574 total TEUs in October. The dip in cargo volumes represents the ninth consecutive month of declining cargo since January when compared YoY.
Despite the annual drop, the port saw volumes rise compared to both the previous month and the same month in 2019. Volumes rose 15% compared to October 2019, and 13% compared to September 2023.
At least one shipper is also increasing its investment in the region as demand has grown since the pandemic. Katoen Natie Norfolk — a plastics and polymers warehousing and distribution company — is investing $59.9 million to add a warehouse, a rail yard, and expand its existing rail spur in the City of Norfolk, according to a press release from the Virginia Economic Development Partnership.
“This announcement shows the confidence Katoen Natie has in the port’s ability to safely and sustainably move its cargo to world markets for years to come,” Stephen A. Edwards, CEO and executive director of the Virginia Port Authority, said in a press release. “This company is a valued port user, and we welcome the opportunity to work with the Katoen Natie team to ensure even greater success.”
