Port of Los Angeles locks in ONE terminal for 30 more years

Yusen Terminals will continue operating its marine terminal at the Port of Los Angeles through 2056 under a 30-year lease approved this week by the Los Angeles Board of Harbor Commissioners.

The agreement also calls for Yusen, a unit of Singapore-based Ocean Network Express (ONE), to invest an additional $200 million in zero-emission cargo-handling equipment over the coming years, extending the terminal operator’s longstanding presence at the port and supporting its transition to cleaner operations.

ONE comprises Nippon Yusen Kaisha (NYK Line) ( 9101.TW ); Mitsui O.S.K. Lines (MOL) ( 9104.TW ); and Kawasaki Kisen Kaisha (K Line) ( 9107.TW ), all headquartered in Japan.

Yusen has operated at Los Angeles since 1991 on 232 acres encompassing Berths 212-224. With annual volume of around 1.5 million TEUs, it ranks fifth of six terminals there. In addition to ONE vessels, it hosts calls by Hapag-Lloyd; Hyundai Merchant Marine ( 011200.KS ), Wan Hai Lines ( 2615.TW ); and Yang Ming ( 2609.TW ).

“We greatly value our longstanding partnership with Yusen Terminals and the role they play in the success of our Port,” Port of Los Angeles Executive Director Gene Seroka said in a release. “Their commitment to excellence and willingness to work closely with us have been invaluable, especially in advancing our clean air initiatives.”

Seroka said Yusen responded quickly when the port asked terminal operators to test and incorporate zero-emission equipment.

The terminal currently operates a range of zero-emission and hydrogen fuel-cell equipment, including electric top handlers, forklifts and yard tractors. The additional investment under the lease extension will support further deployment of such equipment.

“We’re proud of the operation we’ve built at the Port of Los Angeles and excited about what lies ahead,” Yusen Terminals President and Chief Executive Alan McCorkle said. “This agreement gives us the long-term certainty to continue investing in our terminal, our people and new technology while providing the reliable service our customers expect.”

Yusen’s operations include stevedoring, terminal operations and specialized cargo handling. It’s one of seven marine terminals at LA, including Maersk’s (OTC: AMKBY) APM Terminals; Everport Terminal Services, a unit of Evergreen Marine; CMA CGM’s Fenix Marine Services; and two West Basin Container Terminals operated by China Shipping and Mediterranean Shipping Co.

Read more articles by Stuart Chirls   here .

Read more:

China gains as geopolitics redraws new global container port rankings

Drewry index edges lower on decline in trans-Pacific rates

DP World reportedly shutting down SeaRates digital freight platform

Ocean rate concerns as orders for new container ships near 40% of global fleet

Port of Oakland: Steady July amid import drop

The post Port of Los Angeles locks in ONE terminal for 30 more years appeared first on FreightWaves .