Port of Long Beach (POLB) and Orient Overseas Container Line (OOCL), one of the world’s largest integrated international transport and logistics companies, have signed a US$4.6 billion, 40-year lease for the new Middle Harbor container terminal.
The lease gives OOCL and its subsidiary, Long Beach Container Terminal, exclusive use of the facility for four decades.
Port of Long Beach (POLB) and Orient Overseas Container Line (OOCL), one of the world’s largest integrated international transport and logistics companies, have signed a US$4.6 billion, 40-year lease for the new Middle Harbor container terminal.
The lease gives OOCL and its subsidiary, Long Beach Container Terminal, exclusive use of the facility for four decades.
“I can’t overstate the significance of this agreement. It is the largest and most far-reaching terminal lease ever at the port of Long Beach,” said Christopher Lytle, POLB Executive Director
POLB is investing $1.2 billion to develop the 300-acre Middle Harbor terminal, expected to be the greenest terminal in North America.
“The Middle Harbor Redevelopment Project is our flagship model for the port of the future,” Lytle added.
POLB will host a ceremonial ground-breaking event in Long Beach next month to commemorate the partnership.
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