Yang Ming extends lease at the Port of Los Angeles for nine more years up to 2030
Update Time£º2013-4-14 From: Internet
TAIWAN-based ocean carrier, Yang Ming, has extended by nine years its current lease at the West Basin Container Terminal, which was to have ended in 2021, Los Angeles mayor Antonio Villaraigosa announced.
The mayor also signed a memorandum of understanding last week to expand and modernise Yang Ming's terminal facilities at the port. Under the agreement, the Port of Los Angeles will spend US$122 million on echantments, including construction of a new 1,260-foot wharf at Berths 126-129, dredging to a depth of 53 feet at the new wharf, and expanding the West Basin Intermodal Container Transfer Facility, the Journal of Commerce reported.
"This agreement and lease extension ensures that West Basin Container Terminal will increase its global competitiveness with expanded facilities to handle more cargo," said Geraldine Knatz, executive director of the Port of Los Angeles, in a statement. "The port had been making progress on these negotiations, but it was this trade mission and the mayor's leadership that closed this important deal."
The West Basin Container Terminal is a partnership between Yang Ming, China Shipping and Ports America.