Bonds for new Port Canaveral terminal approved

When Carnival Cruise Line’s largest ship ever debuts, it will be parking at Port Canaveral, and now Port Authority commissioners have paved the way to pay for its new home.

The Canaveral Port Authority Board of Commissioners today approved the issuance of bonds to provide up to $117 million to finance the port’s Cruise Terminal 3.

“Our record of performance, and Carnival’s renewed commitment to our port with the new long-term operating agreement, are the foundation of sound planning and pillars of financial success,” said Port CEO Capt. John Murray.

“Plans call for the two-story 185,000-square-foot terminal to be complete by mid-2020, when the ship, which will be named Carnival Mardi Gras, arrives.”

Cost for the terminal and adjacent 1,800-vehicle parking garage and surround areas is estimated to cost $150 million with Carnival set to contribute up to $50 toward the cost as part of a 25-year operating agreement with the line that began Sept. 1.

The financing package approved today includes the issuance of $80 million in 30-year bonds and up to $37 million in bonds in the form of a 20-year loan with SunTrust Bank.

Port officials said it’s the largest project in the port’s history.

The line is referring to this new class of ship as its XL class. The first steel was cut on the Canaveralbound ship in November at Meyer Turku shipyard in Turku, Finland.

When complete, the 1,130-foot-long, 180,000-ton vessel will dwarf the lines’ current spate of largest ships, Carnival Vista and Horizon, which are 133,500 gross tons. It will have a maximum passenger capacity of around 6,500.

The ship will be powered by liquefied natural gas, the first LNGpowered ship to be based in North America.

“The Port Canaveral leadership team has been a great partner as we work to bring the new XL ship online in 2020,” said Carnival Cruise Line President Christine Duffy. “We will be announcing features on the ship over the coming weeks and months and we are certain that this news will drive even more excitement about the ship and more awareness of the great facilities being built.”