Hanjin Shipping has signed an agreement with the Jacksonville Port Authority (Jaxport) to develop a new 170-acre container terminal in Jacksonville, Florida.
Scheduled to open in 2011, the agreement identifies two possible locations for the planned US$400 million terminal as both sides are yet to select a final site, a report by Seatrade Asia said.
Furthermore, a funding structure for the project will be presented to the Jaxport board based on the evaluation of several available options.
The focus of the next round of discussions between both parties is expected to turn towards finalising a long-term lease agreement, and the port's board of directors are anticipated to approve the lease in the next few months. This new agreement builds upon the memorandum of understanding signed by Hanjin and Jaxport in October 2007, the report said.
SD Park, Hanjin's lead negotiator and deputy general manager of its terminal business team, was cited as saying, "This development agreement brings us one step closer to our final destination, and we hope it will lead to a very positive achievement in the near future."
Ron Baker, Jaxport's deputy executive director and chief financial officer, added "We are pleased with our results to date, and we look forward to full board consideration and approval of the final lease agreement soon."
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