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Article: Global recession fuels talks on lease for APM terminal.(Business)(Company overview)
- Article from:
- The Virginian-Pilot (Norfolk, VA)
- Article date:
- September 20, 2009
CopyrightCOPYRIGHT 2009 The Virginian Pilot-Ledger Star. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Robert McCabe
The Virginian-Pilot
PORTSMOUTH
When APM Terminals opened its sprawling new container port in Churchland in 2007, the timing of the half-billion-dollar investment seemed ripe.
Fast-growing global trade had pushed the port's other terminals - owned by the Virginia Port Authority - close to capacity. If U.S. demand for imported goods kept pace, more port space was needed fast.
What a difference the worst recession since the Great Depression makes.
Two years later, the new terminal's owner is negotiating a partnership with the Port Authority and its operating affiliate to "optimize" their collective ...