Seoul: Hanjin Shipping has signed a development agreement with the Jacksonville Port Authority (JAXPORT) for a new 170-acre container terminal facility is slated to open in 2011 in Jacksonville, Florida. The agreement identifies two potential locations for the proposed $400m terminal, with the two parties to jointly choose a final site. Additionally, a funding structure for the project was selected for recommendation to JAXPORT's board, following the evaluation of several available options.
Talks are expected to move towards a final long-term lease agreement, with the US-based port's board of directors expected to approve a lease in the next few months. This new agreement expands on the Memorandum of Understanding signed by Hanjin and JAXPORT in October 2007.
"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," said SD Park, Hanjin's lead negotiator and deputy gm of the terminal business team.
"We are pleased with our results to date, and we look forward to full Board consideration and approval of the final lease agreement soon," said Ron Baker, JAXPORT's deputy executive director and cfo. [01/04/08]
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