JACKSONVILLE, FL-Hanjin Shipping Company Ltd. has shelved a $300-million plan to build a container shipping terminal at the Port of Jacksonville.
Jacksonville Port Authority Interim CEO Roy Schleicher announced that Hanjin was not building the project Thursday morning.
Weakness in the economy caused the project's demise, not the 47-foot dredging depth planned for the St. Johns River shipping channel, which Jaxport voted to pursue last month, according to the Jacksonville Business Journal. The Hanjin contract stated the company required a depth of 50 feet.
Following a verbal agreement, which Schleicher said would be formalized in a day or two, the port authority will release Hanjin from its contract. See story in the Jacksonville Business Journal.
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