The Virginia Port Authority announced yesterday that the $2.5 billion Craney Island Terminal project would again be delayed.  Citing a decline in revenues due to the world economic slump, the Authority said that construction would now begin in July of 2010.  That would push final completion out to mid-2020.  This is disappointing news because the new Craney Island terminal would be a huge step towards solidifying Virginia’s position as the dominant East Coast Port.  However, the State is still pursuing other financing options that could allow the project to resume a faster track.