Sluggish Virginia port traffic triggers cost-cutting measures

The world's three largest container cranes are shown arriving at the Port of Virginia aboard a freighter from Shanghai, China. (Associated Press)

The Associated Press

7/10/2009

NORFOLK, Va. — The operator of the Virginia Port Authority's terminals is attempting to cut costs because of a slump in port trade.

Virginia International Terminals Inc. has announced a voluntary separation agreement for some employees and a pay freeze for hourly workers. Management is also feeling the pinch with a pay freeze.

The measures were outlined to the company's approximately 450 workers in a memo this week.

The president and CEO of Virginia International Terminals, Joe Dorto, said container volume is down about 22 percent at Virginia's port facilities.

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