At the end of 2008, Hanjin entered into an agreement to lease the site for 30 years. The company's terminal will be located next to TracPac terminal, which is owned by Mitsui O.S.K. Lines and was opened in January.
Previously, Port Authority agreed to build the $171 million terminal, allowing Hanjin to pay off the debt via payment. According to the report, the securing of bond financing will not constitute a risk for the Port Authority as Hanjin would default on loans to the banks who issued the bonds, and not the Port Authority, if it came down to that.
When initially announced Hanjin hoped to have the terminal up and operational by the close of 2011. Those plans could now be pushed back nearly a full year.
To read the entire report in the Florida Times-Union click here.
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