Oil Patch Bits: Crowley expands terminal complex at Port Everglades

Crowley Maritime said Dec. 15 that it is expanding its Port Everglades with a new 10-year terminal lease that calls for additional acreage and increased container guarantees. The Broward County Commission, the governing board for Port Everglades, has approved the new lease. The terms of the new lease call for increasing Crowley’s terminal from 68.2 to 80 acres. Guaranteed container moves will begin at 110,000 in 2011, increase to 112,000 in 2012, and increase by 1,000 annually thereafter on each Jan. 1 through 2020. Under the new agreement Crowley’s first-year guarantee represents nearly 96 percent of their FY10 container volumes.

Crowley operates the largest container terminal in Port Everglades and the company’s economic impact through the Port could increase by 9 percent over the remaining term of this agreement, based on the increase in guaranteed volumes alone. The economic impact resulting from Crowley’s activity at Port Everglades is estimated to support 31,983 jobs and generate personal income of $1.1 billion, plus state and local taxes of approximately $80.1 million. These impact estimates are based on the Port Everglades Economic Impacts Model developed by Martin Associates as part of the 2006 Port Everglades Master and Vision Plan.