A study will look at how to boost the future of a Cumbrian port.
The study will be published at the end of the summer
Cumbria and Allerdale Councils are working with West Lakes Renaissance to fund the development study for the Port of Workington.
It will look at the best ways of ensuring a successful economic future for the port and how it can support the regeneration of the area.
The study will explore how much-needed investment can be secured and aims to develop its potential.
Cumbria County Council leader Rex Toft said: "We need to establish how to maximise investment for the port as well as the best way to manage day to day operations through a new Port Authority.
"The study will also look at how any developments at the port can help support the wider regeneration of the Workington area.
"The port has serious problems and is in urgent need of major investment. We are all working to unlock the potential the port offers and build on the excellent work currently undertaken by everyone at the port."
The study will be carried out by investment advisers Gillespies and will be published at the end of the summer.
It will cost more than £150,000, which will be funded by £50,000 from the county council's New Vision budget, £10,000 from Allerdale Borough Council and the rest from West Lakes Renaissance.
Allerdale Council leader Jim Musgrave said it would look at how the port could spark regeneration in the area.
He said: "I am also keen to explore ideas for a cruise liner terminal at Workington to help develop Cumbria's tourism potential."