The City of Portsmouth has a wonderful port and expanding terminal operations. The Virginia Port Authority recently approved a 20-year lease of The Maersk Corporation's APM Terminal cargo operation in Portsmouth. This lease agreement, valued at more than $1 billion, gives the Virginia Port Authority operating rights for the $450 million container terminal.
The City has initiated long-term planning aimed at leveraging its strengths as a port city to expand economic development. William and Mary has agreed to assist in that planning process. A key component to the planning process is the Portsmouth Maritime Summit. This annual meeting of public and private leaders in the maritime industry facilitates knowledge sharing and developing goals and objectives for the World Class Maritime Center project.