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Hanjin Shipping to open first US east coast terminal

Hanjin Shipping to open first US east coast terminal

Seoul: Hanjin Shipping has signed a MOU with Jacksonville Port Authority for the construction of a $360m container terminal, reports the Jacksonville Business Journal. The terminal, which will begin operations in 2011 will have a one million teu annual capacity and is the first for the South Korean shipping giant on the US east coast.

The agreement makes Hanjin the second Asian shipping line to build a terminal at Jacksonville, following in the footsteps of Mitsui O.S.K. Lines (MOL), which signed a 30-year deal with the city in 2005.

"The agreement with Hanjin underscores Jacksonville's new role in global trade," said Rick Ferrin, executive director of the port authority, in a statement. "With this historic signing, not one, but two major players in the international shipping arena have given notice in a big way that Jaxport is the place to be."  [19/10/07]