Cargo Business Newswire

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Thursday, January 19, 2012

Top Story

OOCL signs $4.6 bil lease with Port of Long Beach

The 12th largest ocean carrier in the world, Hong Kong-based Orient Overseas Container Line, has reportedly signed a 40-year, $4.6 billion lease with the Port of Long Beach to operate a cargo-handling operation that will inhabit the Southern California port authority’s large-scale Middle Harbor project.

"This agreement represents a major endorsement of our vision for the port by one of the leading maritime companies in the world," said Christopher Lytle, new executive director of the Port of Long Beach, who succeeded the longtime port chief who retired, Richard Steinke.

Lytle will reportedly make the formal announcement of the OOCL deal today in his first state-of-the-port address.

The OOCL news comes on the heels of a flat year of container-handling for the second busiest U.S. port complex and the loss of tenant Hyundai Merchant Marine, which bolted next door to the Port of Los Angeles after reportedly not wanting to wait for the Middle Harbor project to come to fruition.

When developed to its final phase, the over 300-acre site will have capacity to handle 3 million TEUs.

"We look forward to seeing the positive impact that this commitment will have for years to come," said Philip Chow, chief executive for OOCL as reported in the Los Angeles Times.

For the full L.A. Times story: www.latimes.com