Freight News, Sea

King Ocean Looks Long-Range at Port Everglades

[ February 11, 2016   //   ]

Marine terminal operator King Ocean Services Limited (Cayman Islands) Inc., has renewed a 20-year lease agreement with Broward County’s Port Everglades. The agreement calls for a minimum 72,000 container lifts annually over an initial 10-year term with two five-year renewal options.
King Ocean, which operates twice-weekly from Port Everglades with services to Venezuela, Aruba, Curacao, Colombia, Costa Rica and Panama, recently celebrated its 22nd year at Broward County’s Port Everglades.
“King Ocean has established successful business models at Port Everglades that take advantage of the port’s robust trade lanes to Latin American and the Caribbean and direct highway access,” said Port Everglades Chief Executive & Port Director Steven Cernak.
With operations at Port Everglades since 1994, King Ocean has expanded its marine terminal from the original 22.84-acre site to 41.1 total acres in two locations within the Port. In FY2015, King Ocean moved 153,984 TEUs through Port Everglades.
Based upon King Ocean’s minimum guarantee of 72,000 container lifts annually, this agreement is estimated to generate approximately $56 million in revenue to the port during the initial 10 years. It includes relocating King Ocean’s terminal within the port’s Southport cargo area during construction for the Southport Turning Notch Extension project. The project will lengthen the existing deepwater turn-around area from 900 feet to 2,400 feet, which will allow for up to five new cargo berths. Construction is expected to begin in early 2017 and be completed by the end of 2019.
“We are fortunate to have strong working relationship with our customers and appreciate their flexibility during this upcoming construction period,” Cernak said.

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