Ceres Terminals, a terminal operator with a wide portfolio in North America, has decided to invest in the Port of Jacksonville (JAXPORT) in Florida, US, aiming to upgrade the TraPac Jacksonville container terminal.
On 14 February, the JAXPORT board of directors unanimously approved a 20-year, US$60 million agreement between the two parties for the lease and the modernisation of the terminal.
Ceres is expected to begin operating the container facility located at JAXPORT’s Dames Point Marine Terminal on 1 March.
In a separate transaction, Ceres will purchase the terminal’s previous leaseholder, terminal operator TraPac Jacksonville, LLC from Mitsui O.S.K Lines, Ltd. (MOL), subject to closing conditions with the details of the private transaction, including purchase price, remaining confidential.
The US$60 million agreement between JAXPORT and Ceres Terminals includes US$45 million for the lease of the facility and another US$15 million for terminal upgrades, including investments in cargo handling equipment and systems.
“Our significant investment in Dames Point Terminal provides an excellent gateway for South Atlantic-based distribution centers, well into the future,” said Craig Mygatt, Ceres Terminals CEO.
JAXPORT’s largest single-tenant operated facility by acreage, TraPac Jacksonville features two 365-metre-long berths and six post-panamax container cranes.
