JAXPORT, HANJIN SIGN AGREEMENT FOR TERMINAL
April 7, 2008

The Jacksonville Port Authority and Hanjin Shipping Co. signed a detailed development agreement for a 170-acre container terminal facility. The agreement expands on the memorandum of understanding signed with Hanjin in October 2007, according to the port.

“Talks will now move towards a final long-term lease agreement, with Jaxport’s board of directors expected to approve a lease in the next few months,” the port stated.

The new agreement identifies two potential locations for the proposed terminal, to be jointly chosen by Hanjin and Jaxport. In addition, a funding structure for the project was selected for recommendation to Jaxport’s board, following the evaluation of several available options. The options were not disclosed.

The Hanjin Container Terminal is slated to open in 2011 and cost an estimated $400 million to develop.

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