Coffee Day at The Port of Virginia showcased the port and region as a rapidly growing global player in the coffee industry. The event focused on major coffee traders and key industry stakeholders. Guests toured both Norfolk International Terminals and Virginia International Gateway, as well as coffee warehouses and roasters in the Hampton Roads region.
“The Coffee Day at the Port of Virginia last month was a great opportunity not only for The Port of Virginia to introduce themselves as a newly certified exchange port, but also an opportunity to showcase their terminals and their plans for expansion,” said Bob Forcillo of Continental Terminals, Inc.
“In addition we were able to visit several facilities located near the port to see what the next steps are in the process after the coffee arrives here in the U.S. I am excited about the opportunities for the POV as a newly certified exchange port as well as the opportunities it will present for those coffee related business currently in the area.”
The Port of Virginia is presently the second largest coffee port on the U.S. East Coast. Coffee imports at The Port of Virginia have grown 34% over the past three years. The recent ICE Exchange Port designation, effective 9/1/2016, allows owners of exchange-graded Arabica coffee beans landed at The Port of Virginia and stored in local, exchange-licensed warehouses to be delivered against the “C” futures contracts.
With this designation, The Port of Virginia can anticipate increasing cargo volumes over the coming years, as well as economic development benefits. The coffee industry is well represented throughout the region with many industry stakeholders located within the 25 mile ICE exchange port designated radius. Presently, there are 11 coffee roasters within a day’s drive of The Port of Virginia and 3 of these – Keurig Green Mountain, Massimo Zanetti and J.M. Smucker (most notably known for Green Mountain Coffee, Kauai Coffee, and Folgers Coffee respectively) – are within 25 miles of the port. Also within the 25 mile radius are several exchange-certified warehouses – Pacorini, RPM Warehouse and Continental Terminals – with several other commodity-centric warehouses considering applying for certification. Today, the established coffee cluster in the region supports over 1,100 jobs.