3/29/2013 8:00:00 PM
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The Virginia Port Authority Board of Commissioners voted unanimously this week to end any consideration of privatizing operations at its terminals.
The authority has been reviewing operations for the past year and a half at the request of Gov. Bob McDonnell (R), who in 2011 asked the board â€œto identify actions necessary to grow cargo volumes and return the port to profitability.â€�
During the review, unsolicited proposals to operate the port privately were offered by two firms, APM Terminals and Virginia Port Partners1VPP, a consortium of firms led by JP Morgan IIF Acquisitions and Maher Terminals LLC.
â€œAfter careful analysis and consideration of the risks and opportunities, the board determined that the retention and improvement of the public sector operator is a more attractive opportunity for the Commonwealth of Virginia,â€� the board said.
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