Royal Caribbean International and PortMiami have reached one of the largest ever agreements for the port, with port commissioners approving a lease agreement that will extend for 50 years and net approximately $2.8 billion for the local economy.
The agreement was reached Tuesday, November 15, 2022, and includes new port development projects with an exclusive new terminal, thousands of additional jobs, increased passenger counts, improved port staffing, and more.
New Terminal Agreement Reached
According to Florida Politics, the new agreement between Royal Caribbean and PortMiami is one of the largest ever development and lease agreements for the port, with an estimated value to the county of $2.8 billion over the course of the agreement, a term of 50 years.
This equates to net revenues that will average $56 million per year, though revenues will be lower in the initial years as the port development is completed, and will increase