According to a 96-page report by the Florida Ports Council, JAXPORT is among three ports expected to get the majority of funding over a five-year plan.
That's because of JAXPORT's plan to deepen its harbor from 40 to 47 feet.
Right now the Army Corps of Engineers is working on the permitting process; the next phase is construction but the project is yet to be fully funded.
The state Legislature has approved $20.9 million for JAXPORT. Of that money, $10 million will go toward deepening, $9 million for new cranes and $1.9 million for Blount Island terminal improvements. But with a project that's nearly $700 million, it remains unclear what the federal and local contributions will be.
JAXPORT Senior Communications Director Nancy Rubin said that according to the U.S. Army Corps of Engineers the cost of the first phase is $45 million. The state funds come with a local match requirement.
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"We're committed to that match pending a budget item to be approved by our board and we are working with the state on options to fund the remainder," said Rubin.
The official ceremony to inaugurate the Panama Canal Expansion is in late June. Once the expanded canal opens, larger and heavier ships carrying triple the amount of cargo will start to reach the Southeastern U.S.
The Ports of Savannah and Charleston are well ahead of JAXPORT. Savannah is scheduled to finish it's deepening by 2020.
The amount of Asian containers moving through JAXPORT between October 2015 and April of this year increased 16 percent compared to the same time last year.
It's good news for business as the Asian trade is only expected to increase with a newly expanded Panama Canal.
Action News Jax spoke one-on-one with JAXPORT CEO Brian Taylor who said he was exploring ways to reduce the length of the project from 13 miles to 11 miles which would not only save in cost but also benefit the environment.
However, Taylor said it is still working on how that option will impact its tenants including Dames Point terminal operator TraPac, a company that has invested heavily in Jacksonville.
TraPac is remaining tight-lipped on whether or not it will move closer to the mouth of the river to allow for the shorter dredge. A spokesperson with the company said the regional vice president and general manager for Jacksonville's terminal was not available for comment.
The Florida Ports Council said in its report that a five-year plan by the Florida Seaport Transportation and Economic Development Council includes $3.7 billion in capital improvement. Jacksonville is expected to be the biggest beneficiary.
