Port of Miami looking to allow for larger ships

In:
15Jun2011

The Port of Miami is working on a plan that would allow it to handle Oasis of the Seas sized ships and compete better with other ports, such as its neighbor to the north, Port Everglades.

A $250 million plan is still being kept under wraps but would center around upgrading the cruise facility to handle larger ships.  In addition it would include the construction of a "multi-terminal — a single terminal that can accommodate more than one cruise vessel," according to Kevin Lynskey, port director of business initiatives.

Work on any new terminal wouldn't start for at least four of five years according to Lynskey.  He also believes the Caribbean cruise market will continue to grow yearly over the next 10 years.

A greater issue would be how the new project would be financed.  Currently the port owes a little more than $490 million in debt with revenues at around $110-115 million.