THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Wednesday, July 24, 1996 TAG: 9607240383
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: BY CHRISTOPHER DINSMORE, STAFF WRITER
LENGTH: 39 lines
Midway through 1996, the port of Hampton Roads continues to post growth over last year's record tonnage level.
Marine cargo terminals in Norfolk, Portsmouth and Newport News have handled 4.74 million tons of general cargo so far this year, the Virginia Port Authority announced Tuesday at its board meeting.
That marks a 1.6 percent gain over the 4.66 million tons it handled in 1995's first half.
For the whole year, the port's growth should accelerate to a tonnage increase of about 6 percent, said John D. Covaney, the authority's senior managing director of marketing services.
Covaney's mid-year estimate exceeds the 1996 estimate of 3.6 percent growth he made in January.
``We have been successful in growing, while all of our competition is losing market share,'' Covaney said.
The port's continued growth is due to containerized cargo shipments. Break-bulk cargos, such as rubber, cocoa beans, paper and steel, are down 20.2 percent to 333,829 tons through June. But that decline was more than offset by a 3.8 percent rise in container tonnage, to 4.4 million tons.
The meeting was the first for three board members recently appointed to five-year terms on the commission by Gov. George F. Allen.
The new members are Capt. Ray Hurst Jr., a tugboat captain in Hampton Roads and owner of Kanak Ltd. Marine Towing of Norfolk; William H. Dickey Jr., senior vice president of marketing for AMVEST Corp., a Charlottesvillle-based coal company; and E. Massie Valentine Jr., vice president of investment for Davenport and Co., a Richmond-based securities brokerage.
The three men succeed A. Russell Kirk, Omer M. Bunn and Robert A. Blair, whose terms ended June 30.
M.B. Mausteller Sr. succeeded Kirk as the board's chairman.
Allen also reappointed Frank G. Louthan Jr., retired chairman of RECO Industries Inc. of Richmond, to another term. by CNB