Jacksonville port, Hanjin sign development agreement

The Jacksonville Port Authority and Hanjin Shipping Co. Ltd. have signed a detailed development agreement for a new 170-acre container terminal facility, following negotiations earlier in March in Seoul, South Korea.

The agreement expands on the memorandum of understanding signed by the port authority and Hanjin in October 2007. Talks will now move towards a final long-term lease agreement, with the port's board expected to approve a lease in the next few months.

The latest agreement identifies two potential locations for the proposed $400 million terminal and selects a funding structure for the project to be recommended to the port board.

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 S.D. Park, Hanjin's lead negotiator and deputy general manager of the terminal business team.

The Hanjin Container Terminal is slated to open in 2011. 

Source: American Shipper