Port of Miami and Seaboard Extend Lease Agreement
May 20, 2008
May 20, 2008. The Miami-Dade County Board of County Commissioners today approved a lease agreement with Seaboard Marine (Seaboard). Under the new lease, which potentially runs through 2038, the Port of Miami, in partnership with Seaboard, will redevelop approximately 80 acres of cargo terminal to meet the growing demands of international trade for decades to come.
Seaboard is one of three cargo terminal operators at the Port of Miami. Seaboard provides direct, regular service between the United States and the Caribbean Basin, Central and South America. A Port of Miami tenant since 1987, Seaboard now serves nearly forty ports in over twenty-five countries.
"Seaboard and the Port of Miami have grown together to expand our region's business," said Port of Miami Director Bill Johnson. "And with that growth, many companies in Miami-Dade County and the Caribbean Basin, Central and South America have expanded. Today, Seaboard contributes approximately $5 billion to the local economy. We are very proud that with this new agreement, we'll be able to continue our long-standing relationship with Seaboard, also ensuring that the Port of Miami will remain the 'Gateway to the Americas' for years to come."
Edward Gonzalez, Seaboard Marine President, shared Johnson’s sentiments. "We are very pleased with the new lease agreement with the Port of Miami, as the new lease provides approximately $39 million in capital improvements that will allow us to meet our customers' growth requirements for the next three decades," said Gonzalez.
Redevelopment projects at the Seaboard terminal are scheduled to begin immediately and be completed in 2014.
The Port of Miami is among America’s busiest ports and recognized throughout the world with the dual distinction of being the Cruise Capital of the World and the Cargo Gateway of the Americas. For additional information about the Port of Miami, please visit www.miamidade.gov/portofmiami.