Friday , 18 October 2019
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The Jacksonville Port Authority (Jaxport) announced on October 18 the signing of an initial agreement with Hanjin Shipping Co., Ltd. to develop a US$360m container terminal in Jacksonville.

Jaxport signs MoU with Hanjin

A memorandum of understanding (MoU), signed at a ceremony at Hanjin’s headquarters in Seoul, South Korea, allows Jaxport and Hanjin to move forward on contract negotiations regarding construction, financing and operations of the facility. No specific site has yet been designated for the terminal.

Hanjin is one of the world’s largest container carriers, moving more than 100m tonnes of cargo annually and operating in more than 50 countries. In the USA, its subsidiary, Total Terminal International, operates dedicated terminals at Long Beach, Oakland and Seattle.

The MoU calls for the 170-acre Hanjin Shipping Terminal, Jacksonville to begin operations in 2011, with the capacity to handle 1m teu annually (equating to more than 7.5m tonnes of cargo). It is expected to generate at least US$1bn in economic activity in Northeast Florida and to create thousands of new jobs.

“Today’s agreement with Hanjin underscores Jacksonville’s new role in global trade,” said Rick Ferrin, executive director of Jaxport. The proposed facility will be Jaxport’s fifth marine terminal and Hanjin’s first dedicated operation on the US East Coast. This strategic move is meant to capitalise on the expansion of the Panama Canal and the anticipated increase of container traffic along the East Coast.

JW Park, Hanjin Shipping’s president and CEO, said: “Our aim in locating on the East Coast is to offer upgraded service, lower costs and improved schedules to our customers. The Hanjin Shipping Container Terminal, Jacksonville will definitely help us accomplish that.”