FIT Renews 20-year Agreement at Port Everglades
Celebrating its 10th anniversary at Broward County's Port Everglades, Florida International Terminal LLC (FIT) has renewed its long-term marine terminal lease, which is estimated to generate 75,000 container lifts (about 128,000 TEUs) and $57 million over the next 10 years of the agreement. The agreement also includes two five-year renewal options.
"We have watched FIT grow year after year as a multi-use terminal with a robust presence in Latin America," said Port Everglades Chief Executive & Port Director Steven Cernak.
FIT's business has grown from 76,170 TEUs (20-foot equivalent units, the standard industry measurement for containers) in fiscal year (FY) 2006 to 156,045 TEUs in FY2015. The fiscal year in Broward County, FL, runs from October 1 through September 30.
"We have enjoyed a successful 10 years at Port Everglades and look forward to continue growing as the Port deepens and widens its channels and adds new cargo berths and Super Post-Panamax gantry cranes," said Jose Alberto Diaz, FIT Vice President & General Manager. "FIT was formed at Port Everglades to service some of the world's top ocean carriers. We have expanded greatly over the years to include several new services operated by some of the leading shipping lines in the industry."
Based upon FIT's minimum guarantee of 75,000 container lifts annually, this agreement will support an estimated 400 direct local jobs and 1,060 total jobs statewide that will generate more than $72 million in personal income and nearly $7 million in state and local taxes each year.
FIT's agreement includes relocating its terminal within Port's Southport area during construction for the Southport Turning Notch Extension project. The project will lengthen the existing deep-water 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 FIT, and appreciate their flexibility during this upcoming construction period," Cernak said.
At the crossroads of north-south and east-west trade, Broward County's Port Everglades is Florida's leading container port, handling more than one million TEUs annually and serving as a gateway to Latin America, the Caribbean, Europe and Asia. Located within the cities of Fort Lauderdale, Hollywood, and Dania Beach, Florida, Port Everglades is in the heart of one of the world's largest consumer regions, including a constant flow of visitors and up to a combined 110 million residents and seasonal visitors within a 500-mile radius. Port Everglades has direct access to the interstate highway system and Florida East Coast Railway's 43-acre intermodal container transfer facility, and is closer to the Atlantic Shipping Lanes than any other Southeastern U.S. port. Ongoing capital improvements and expansion will ensure that Port Everglades can continue to handle future growth in container traffic.
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