The Virginia Port Authority would pay at least US$800 million over 20 years to lease the new APM Terminals facility in Portsmouth, according to Govenor Bob McDonnell, the Virginian-Pilot reported.

The Port Authority would pay $40 million a year, plus incentive payments for container volumes of more than 500,000 a year, to APM Terminals over the 20-year life of the lease, confirmed Sean Connaughton, Virginia's Secretary of Transportation.