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.