King Ocean extends lease agreement with Port Everglades through 2035

King Ocean Services Limited (Cayman Islands) Inc. has reaffirmed its long-standing partnership with Broward County's Port Everglades by extending its Marine Terminal Lease and Operating Agreement through 2035.

The Broward County Board of County Commissioners on September 4, 2025, approved King Ocean exercising both five-year option terms through September 30, 2035. The cargo shipping line, which has operated at the port since 1994, plays a critical role in moving goods between South Florida and markets throughout the Caribbean, Central America and South America.

The lease agreement gives King Ocean room to grow following its acquisition of Seacor Island Lines and a surge in cargo demand. The company is expected to expand in Spring 2026 to a 40.9-acre facility under construction, which is located at the port's recently completed Southport Turning Notch Extension. With the addition of the new property, King Ocean's final leasehold will total 57.8 acres within the secured port.

"At King Ocean Services, we take great pride in providing reliable, customer-focused service," said Franco Da Costa Gomez, Executive of King Ocean Services. "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."

The deal also reflects Port Everglades' broader economic importance. Over the next 10 years, King Ocean's operations are projected to support annually nearly 1,900 jobs, generate $173 million in personal income and contribute more than $17 million in state and local taxes. In Fiscal Year 2024 (Oct. 1, 2023 to Sept. 30, 2024), King Ocean's TEU throughput (Twenty-foot Equivalent Unit, the standard measurement of cargo container capacity) was 278,250, which represents 25.60% of the port's total throughput that year.

"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."

As part of the lease agreement, King Ocean is committing to significant capital investments such as new refrigerated cargo capacity, a modern gatehouse and inspection facilities, and operational improvements that will enhance service reliability. In return, the port will provide rent credits to help offset construction costs.