Ceres Terminals and JAXPORT announce long-term, $60 million investment in TraPac Jacksonville container terminal
The JAXPORT Board of Directors today unanimously approved a 20-year, $60 million agreement between Ceres Terminals and JAXPORT for the lease and modernization of the TraPac Jacksonville container terminal in Jacksonville, Florida.
In a separate transaction, Ceres will purchase the terminal’s previous leaseholder, terminal operator TraPac Jacksonville, LLC from Mitsui O.S.K Lines, Ltd. (MOL), subject to closing conditions. Details of the private transaction, including purchase price, have not been disclosed.
Subject to completion of the sale, Ceres will begin operating the 158-acre container facility located at JAXPORT’s Dames Point Marine Terminal on March 1st.
“We are excited about our long-term commitment to JAXPORT and the local community. Our significant investment in Dames Point Terminal provides an excellent gateway for South Atlantic-based distribution centers, well into the future,” said Craig Mygatt, Ceres Terminals CEO.
The agreement includes a $45 million lease with JAXPORT. Ceres will also make $15 million in terminal upgrades, including investments in cargo handling equipment and systems.
A leading international terminal operator, Ceres has 60 years of experience with operations at many of North America’s largest ports. The company is experienced in terminal development, operations and stevedoring for a variety of cargo types and trade lanes.
“An investment of this magnitude speaks volumes about the opportunity that exists in Jacksonville,” said JAXPORT Board Chair Wendy Hamilton. “We are grateful to Ceres for their continued investment in our community and look forward to growing this important partnership in the future.”
JAXPORT’s largest single-tenant operated facility by acreage, TraPac Jacksonville features two 1,200-foot-long berths and six post-Panamax container cranes. Along with the existing Asian and South American services, the facility recently accommodated Hapag-Lloyd’s AL3 European container service, which rerouted to JAXPORT for nine weeks to avoid US port congestion.
“The ongoing supply chain disruption underscores the significance of this agreement and the importance of the capabilities offered by the TraPac Jacksonville facility,” said JAXPORT CEO Eric Green. “When we put together JAXPORT’s Strategic Master Plan, our focus was growing cargo volumes and the private sector jobs they support. This agreement is a major step forward in the evolution of that plan. We thank MOL for their partnership over the years and look forward to growing the economic impact this facility has on our community under its new ownership with Ceres.”
An existing JAXPORT tenant, Ceres has also operated the JAXPORT intermodal yard (ICTF) at Dames Point, adjacent to the TraPac terminal, since it opened in 2016.
Operations and ocean carrier services will remain the same, ensuring a seamless transition for customers.
Located just minutes from major interstates, TraPac Jacksonville offers direct containership service to ports throughout Asia and South America through THE Alliance.