Everglades Company Terminal, Inc. (ECT) has signed a new 10-year Marine Terminal Lease and Operating Agreement with Broward County.
The Broward County Board of County Commissioners recently approved the long-term agreement granting Everglades Terminal Company, a subsidiary of Mediterranean Shipping Company (MSC), a new lease on a 39.18-acre terminal in the port's Southport cargo area that is operated by Port Everglades Terminal, LLC. The agreement runs through December 31, 2034, with two optional five-year extensions.
This agreement replaces a previous lease held since 2004 by MSC.
According to economic analysts at Martin Associates, ECT's operations under the new lease are expected to generate more than $161 million in business service revenue each year within the region, continue to support 425 direct jobs and contribute approximately $10.5 million in state and local taxes in its first year, based on 85,000 container moves. These numbers are expected to grow substantially over the life of the agreement.
The new agreement also transfers permanent leasehold improvements made by Port Everglades Terminal to Port Everglades, including an office building, Rubber-Tired Gantry pads, refrigerated racks for 450 stacked reefers, and an inspection dock that has shore power infrastructure for 116 refrigerated shipping containers.