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Virginia considers privately-operated ports

Wednesday - 5/23/2012, 5:08pm  ET

By BROCK VERGAKIS
Associated Press

NORFOLK, Va. - Virginia is seeking proposals from companies that may want to operate the state's ports.

The state Department of Transportation issued the request for proposals on Wednesday.

The request was made after APM Terminals Inc. sent an unsolicited bid to operate the Virginia Port Authority's ports in April. That proposal calls for a 48-year agreement to operate state ports in Hampton Roads as well as the Virginia Inland Port in Warren County. The proposal is valued between $3.2 billion and $3.9 billion.

In addition to monthly payments, APM Terminals would also fund capital improvements at the terminals and transfer ownership of its Portsmouth facility to the state.

The state transportation department is accepting alternative proposals through July 12. State officials say they're under no obligation to enter into any proposed agreements.


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)