(Miami-Dade County, FL) -- The Miami-Dade Board of County Commissioners today approved a resolution authorizing the execution of a Terminal Operating Agreement between Miami-Dade County and Terminal Link (Miami) LLC (TLM) for marine terminal operations at the Port of Miami; and the execution of a Termination, Release and Reservation of Rights Agreement between Miami-Dade County and Maersk, Inc., terminating Maersk's existing terminal agreement.

Under the new lease, which potentially runs through 2023, the Port of Miami, in partnership with TLM, will generate approximately $15.3 million in annual revenues to the Port during its first year, of which $11.9 million will be guaranteed.  Current annual revenues from Maersk to the Port are approximately $6.4 million, of which only $3.4 million are guaranteed. The guaranteed revenues under the Agreement shall increase annually at a weighted average rate of approximately 4.7% throughout the Agreement's fifteen-year initial term.