The Link: LINK

The Story: Belgium based International Container Lines (ICL) announced that it will stop using the Port of Richmond to load and unload Mid-Atlantic cargo.  Effective March 2009, the company will instead use the Port of Wilmington in North Carolina.  Unfortunately, ICL accounts for approximately 75% of the traffic at the Port of Richmond.  Obviously, this is a tremendous blow to what is an incredibly valuable asset to the Commonwealth of Virginia.  ICL believes the Wilmington location will be a better compliment to its Philadelphia operation and will allow them to compete against South Carolina ports.

The Port of Richmond is obviously disappointed in the announcement, but remains hopeful that it can bounce back.  The port has a number of benefits to offer potential clients including barge service to the Port of Virginia in Hampton Roads and immediate access to I-95, I-85 and I-64.  Finally, the port is hopeful that it may receive some of the stimulus funds to increase the channel depth in the James River to allow transit of bigger ships.  As the farthest inland port in the US, and with excellent transportation access, the Port of Richmond has alot to offer. Now it can add “excess capacity” to that list of advantages.