Hanjin sweetens deal for Jacksonville terminal

Hanjin sweetens deal for Jacksonville terminal Hanjin Shipping of Korea has approved terms of a contract to build a new container terminal in Jacksonville, Fla.
   John Peyton, the city’s mayor, and Jacksonville Port Authority officials said Hanjin’s board of directors approved a 30-year lease agreement at a meeting Tuesday.
   The lease calls for Hanjin to build a 90-acre container facility at the Dames Point Marine Terminal in North Jacksonville with the option for further expansion.
   The $300 million Hanjin Container Terminal at Dames Point is expected to open for business in late 2011 and will be a key hub operation for Hanjin’s East Coast port activity. The port authority's board approved the lease offer earlier this month.
   The port said the new agreement is expected to create more than 5,600 new private sector jobs in Jacksonville and support operations such as trucking, distribution and related services. The new terminal will generate nearly $1 billion in annual economic impact.
   “In this difficult economic time, I am tremendously proud that we are able to bring these well-paying jobs to our community,” Peyton said. “As the United States continues to see increases in container traffic from Asia, Jacksonville is poised to play an even greater role in the global trade market.”
   Construction of the terminal is expected take about 24 months, following the permitting process.
   The new terminal will be located adjacent to the nearly completed TraPac Container Terminal at Dames Point being built for Tokyo-based MOL. The TraPac terminal will open for business in January.
   “This is the one-two punch we have been working toward,” said port Executive Director Rick Ferrin. “TraPac put us on the map. Hanjin makes Jaxport a major player in Asian and European trade, and together the new terminals help fulfill our mission of bringing jobs and opportunity to the region.”
   The terminal would be Hanjin’s first dedicated U.S. operation outside the West Coast, and the port said it is a strategic move meant to capitalize on the expansion of the Panama Canal and the anticipated increase in container traffic along the East Coast.