OOIL Selling Long Beach Terminal for USD 1.78 Bn

Long Beach Container TerminalImage Courtesy: Long Beach Container Terminal

Hong Kong-listed Orient Overseas (International) Limited (OOIL) has reached an agreement to sell the Long Beach Container Terminal to a consortium led by Macquarie Infrastructure Partners.

Under the sale and purchase agreement, the 100% of LBCT LLC, the operator of the terminal in California, United States, would be sold to MIP for USD 1.78 billion.

The sale was launched following the National Security Agreement entered into by OOIL, Faulkner Global Holdings Limited, a subsidiary of COSCO SHIPPING Holdings, the U.S. Department of Homeland Security and the U.S. Department of Justice on July 6, 2018, under which OOIL committed to divest its ownership of the Long Beach Container Terminal business.

As part of the deal, OOIL’s Orient Overseas Container Line would sign a 20-year container stevedoring and terminal services contract.

“Over the past thirty years, we have developed Long Beach Container Terminal into the safest, most efficient and lowest-emission terminal in the United States. We are confident of the future prospects of the terminal under the ownership of MIP and its co-investors, and we look forward to being a long term strategic customer of Long Beach Container Terminal and the Port of Long Beach,” Andy Tung, Co-Chief Executive Officer of OOCL, said.

Karl Kuchel, Chief Executive Officer of MIP, added that the company is committed to completing the current expansion of LBCT by 2022, expected to significantly increase the capacity of the terminal.

The completion of the sale will be subject to approvals from the relevant regulatory authorities and other customary conditions.

Share this article

Follow World Maritime News

Posted on April 30, 2019 with tags , .

In Depth>

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >

World Future Ports Summit 2020

This event will bring together ports and maritime shipping professionals from global leading companies and authorities to discuss recent digital technologies…

read more >