A 20-year lease agreement with Port Everglades has been renewed by Marine terminal operator King Ocean Services Ltd. Inc.
King Ocean operates twice a week from Port Everglades with services to Colombia, Costa Rica, Panama, Venezuela and Aruba, The company recently celebrated its 22nd year at the port and the agreement at the Fort Lauderdale, Fla., port calls for a minimum 72,000 container lifts annually over an initial 10-year term.
King Ocean nearly doubled its port marine terminal recently to 41 total acres in two locations and in 2015, moved 153,984 TEUs (20-foot equivalent units) through the port, according to a news release.
The agreement includes relocating King Ocean’s terminal within the port’s Southport cargo area during construction of the port’s Southport Turning Notch Extension project which is designed to lengthen the deep water turnaround area from 900 feet to 2,400 feet.
Those improvements should allow for up to five new cargo berths and construction is expected to begin in early 2017 and be completed by the end of 2019, according to the release.
“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,” Steven Cernak, the port’s director and CEO, said in the release.