Seatrade Maritime: King Ocean Services extends Port Everglades terminal lease

King Ocean Services Limited (Cayman Islands) has extended its concession and operating agreement for a maritime terminal at Port Everglades until 2035. 

The company, which has operated a terminal at the port since 1994, plays a key role in cargo movement between Florida and Latin America and the Caribbean.

The agreement was approved by the Broward County Board of Commissioners, authorising King Ocean to exercise both renewal options for five years each, until 30 September 2035.

The renewal will allow King Ocean to expand its operations following the acquisition of Seacor Island Lines and the sustained increase in cargo demand. The company is expected to move in 2026 to a new 16.5-hectare- terminal under construction, located in the newly completed Southport Turning Notch expansion. With this expansion, the total area leased to the company will reach 23.4 hectares within the port complex.

 “King Ocean’s expansion is a win for our entire community,” said Port Everglades CEO and Port director Joseph Morris. “It strengthens our position as Florida’s leading seaport for trade with the Caribbean and reinforces the port’s role as an economic engine for Broward County and beyond, “ he added. 

In fiscal year 2024 (1 October 2023 to 30 September 2024), the terminal handled 278,250 teu, equivalent to 25.6% of the port’s total container volume.

“Our agreement with the port strengthens the foundation we’ve built over three decades and ensures we have the capacity to not only meet the growing demands of our customers, but to exceed them,” said King Ocean Services’ Franco Da Costa Gomez.