Port of Palm Beach approves $4m area expansion for refrigerated cargo
The port commission unanimously approved the project on Thursday as part of a 10-year comprehensive agreement with Tropical with four five-year renewal options. The contract has been under negotiation for months.
Tropical Shipping, founded in 1963, is the port’s largest tenant and makes up about a third of its revenues. Tropical’s main business is shipping food, especially perishables, refrigerated and frozen foods, groceries and consumer goods in containers from Canada and South Florida to The Bahamas and the Caribbean.
Tropical officials said the 3 acres will increase the refrigerated cargo container space from 154 containers to 275 containers if they are double-stacked and to 340 if triple-stacked.
Over the course of the agreement, the port will realize approximately $10 million in additional net income. Cash flow for the term of the contract will be more than $12 million.
source: hellenicshippingnews.com
