Korea-based Hanjin shipping will not be building a terminal at Jaxport.
Port officials say it was a mutual decision based on changes in the world economy.
Instead of building a terminal, Hanjin will be part of an alliance of Asian shipping lines using Jaxport on a rotating basis.
Through this agreement, a total of fifteen carriers with service between the East Coast and Asia will do business in Jacksonville.
Jaxport spokesperson Nancy Rubin says the port will instead focus other infrastructure improvements, particularly deepening the channel to 47 feet.
The revamped Asian-Jacksonville service rotation will begin within a month. They will likely call on the TraPac terminal but a deal has yet to be finalized.
Hanjin was going to build its terminal where cruise ships now depart. With this decision the cruise ships will remain where they are for now, although Rubin says other businesses have expressed interest in developing the property in the future.