The Port of Long Beach has reached a tentative agreement with Orient Overseas Container Line to complete the port’s long-awaited Middle Harbor project. According to the Los Angeles Times, the nation’s second busiest port and OOCL, the world’s 12th largest ocean shipping line, will spend a combined $1.7 billion on the 300 acre project, which “is expected to be one of the greenest and most advanced cargo terminals” in the US. When complete, the Middle Harbor terminal will have the capacity to handle 3 million cargo containers.
Middle Harbor “by itself would rank as the fourth busiest seaport in the nation.” It will “add on-dock rail to eliminate truck trips and allow ships to plug into the electrical grid, eliminating the need for them to idle their diesel engines.”
The deal also contemplates that OOCL will take a 40-year, $4.6 billion lease.
The full story, “$4.6 billion lease being finalized at Long Beach port,” is available here.