OOCL signs $4.6bn terminal lease at the Port of Long Beach

The Port of Long Beach has reached a tentative agreement on a 40-year, $4.6bn lease with Orient Overseas Container Line (OOCL) for its Middle Harbor property.

The lease has been agreed to in principle by Hong Kong-based OOCL and its US subsidiaries OOCL, LLC and Long Beach Container Terminal (LBCT).

The Port is investing $1.2bn to develop the new 300-acre Middle Harbor terminal, while OOCL and LBCT will invest approximately $500m in cargo-handling equipment.

The lease would secure a tenant for the Middle Harbor Redevelopment Project, which combines Pier F and E into one container terminal. LBCT has occupied Pier F since 1986 and will operate the Middle Harbor Terminal.

"This agreement represents a major endorsement of our vision for the Port by one of the leading maritime companies in the world," said Port of Long Beach Executive Director J. Christopher Lytle. "We thank OOCL and LBCT for sharing in our commitment to this community and the city of Long Beach. We look forward to working with them to bring more jobs and economic vitality to Southern California while building the most technologically advanced and greenest container terminal in the world".

"I am very pleased that OOCL has reached an agreement with the Port of Long Beach to operate the Middle Harbor Project," said OOCL Chief Executive Officer Philip Chow. "It demonstrates our long-term commitment to the Port of Long Beach as the gateway of choice for North America and solidifies our economic partnership with the region. We look forward to seeing the positive impact that this commitment will have for years to come."

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