The Virginia Port Authority's board of commissioners rejected two bids to buy the leases of the ports' container terminals and voted instead to restructure its operating company and overhaul the port's long-term strategy.

Port of Virginia

The VPA commissioners' decision at their board meeting at the end of March follows an extensive review of the port's operations, including the evaluation of private proposals by APM Terminals and Virginia Port Partners, a joint venture between J. P. Morgan IIF Acquisitions and Maher Terminals, which would operate the port, along with an affiliate partner, Noatum.

In exchange for the transfer of ownership of APMTVA and substantial monetary payments and investments, APMT proposed establishing a concession agreement for 48 years to operate VPA's facilities.

The commissioners decided instead to convert Virginia International Terminals, which operates the terminals on behalf of the state-owned Virginia Port authority, from a non-stock corporation to a single member Virginia limited liability corporation. The new structure will eliminate duplications, increase efficiencies and reduce costs.

The board also decided to begin the process of recruiting the permanent executive director and chief commercial officer to lead the streamlined organization, and expects to have the permanent leadership in place as early as fall 2013.