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Cruising toward new terminal

Cruising toward new terminal
The Jacksonville Port Authority came one step closer to getting a new cruise terminal site after its board gave the go-ahead June 30 to buy the necessary Mayport Village properties.

Cruising toward new terminal

The Jacksonville Port Authority came one step closer to getting a new cruise terminal site after its board gave the go-ahead June 30 to buy the necessary Mayport Village properties.

The new 8-acre terminal is needed because ships going to the cruise terminal at Dames Point are limited in height because they must pass under the Dames Point Bridge and power lines passing over the St. Johns River. The cruise industry is building taller ships and phasing out its smaller vessels, which can fit comfortably underneath the bridge and power lines.

Plus, the port authority is considering putting Hanjin Shipping Co. Ltd.'s 150-acre terminal on the current cruise terminal site. Hanjin has yet to give final approval on the site, and Mitsui O.S.K. Lines Ltd. hasn't agreed to give a 28-acre parcel to its potential new neighbor, Hanjin.

Executive Director Rick Ferrin said the authority will buy the Mayport properties -- totaling slightly more than 1.3 acres -- for about $3.2 million. The terminal is expected to cost $40 million to $60 million. Public and private equity companies will likely be more attracted to funding the construction because the rate of return would be higher than that of a cargo terminal.

www.TurkishMaritime.Com.tr

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