The U.S. Treasury Department on Tuesday approved commercial ferry services for Cubans and Americans travelling between Miami and Havana as part of a move to restore diplomatic ties between the former Cold War enemies.

On the same day, a spokesperson from the State Department confirmed that the Treasury indeed approved the ferry service. This the first time in over 50 years that the U.S. has licensed ferries to sail between Miami and Havana, according to the New York Times.

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The Treasury has not released information on how many companies were authorized to sail between Miami and Havana. However, Florida-based ferry operator Baja Ferries and Havana Ferry Partners both announced that they received authorization to begin the Cuba ferry trips.

Baja's vice president, Joseph Hinson, said the company could start the commercial trips to Cuba by September or October. The company is also considering an evening trip from Florida which would be able to drop off 1,000 passengers to Cuba the following morning, Hinson added.

Havana, on the other hand, announced via its website that it is planning to offer fast ferry service that can bring 300 passengers every trip, the report relayed.

The Treasury's move could mean a large cut in the cost of the back-and-forth trip between Florida and Havana. It would also allow Cubans to transport more goods to Florida at a much lower cost.

As of now, 25-minute charter flights are the only way to travel directly from Cuba and the U.S. and vice versa. Each roundtrip could cost at least US$400, the NYT detailed.

A lot of Cubans who transport goods such as televisions, tires, food, medicines, and clothes have to shell out hundreds of dollars to pay for the weight of their goods.

Depending on taxes imposed by Cuba, Baja Ferries' service would run between US$250 and US$300 per round trip, said Hinson. He also expressed the company's hope to have three to four trips and transport 2,000 to 3,000 passengers per week.

TagsCuba, Havana, ferry, U.S., ferry service, U.S. Treasury