VIRGINIA Port Authority (VPA) has set a public hearing on February 4 to discuss the possibility of privatisation following the appearance of unsolicited bids from APM Terminals and a group that includes Maher Terminals and JPMorgan IIF Acquisitions LLC for the state's ports.

APMT wishes to operate Virginia ports over a 48-year period for between US$3.16 billion and $3.9 billion.

VPA has put forward a proposal to continue operating the facilities which include Hampton Roads and inland terminal at Front Royal through its terminal operating arm Virginia International Terminals (VIT).

The port privatisation discussion continues against a background of restructuring by the VPA board which is aimed at providing "greater operational efficiencies, increased oversight and control of port operations and an ability to grow market share while decreasing operational costs," reported the Virginia Pilot and Press.