Wednesday , 18 September 2019
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Crowley renews lease agreement for Port Everglades’ terminal
Port Everglades handled a total of 1.1m teu in 2015

Crowley renews lease agreement for Port Everglades’ terminal

The US-based Crowley Liner Services has entered into a new 10-year agreement with the Broward County Board of County Commissioners to lease and operate a 99-acre marine terminal at Port Everglades.

The renewed agreement, which also includes two five-year extension options, was worth a total of US$157.8m.

The lease agreement combines Crowley’s original 74-acre leasehold with the 25-acre leasehold owned by the company’s subsidiary SeaFreight and acquired by Crowley in October 2015.

According to a statement by the company, under the terms of the new lease, Crowley estimated that its annual regional economic impact, which is based on the projected level of activity by lease year six, will support 1,208 direct jobs and 1,995 indirect and induced local jobs.

According to the company’s estimation, the new agreement will also generate US$306m in business services revenues, US$209.5m in personal income and US$103m in local purchases.

Approximately US$19.5m are also estimated to be generated in state and local taxes.

The company claimed in a statement that the ongoing capital improvements and expansion at the port ensure future growth in the container traffic at the facilities.

Port Everglades’ CEO and director Steven Cernak said in a statement: “We value our long-term partnership with Crowley Liner Services and appreciate the company’s flexibility as Port Everglades continues to expand for future growth.”