PortandTerminal.com, April 30, 2019
Long Beach, CA – Cosco’s Orient Overseas (International) Limited announced its sale of Long Beach Container Terminal (LBCT) to a consortium led by Macquarie Infrastructure Partners on Tuesday for $1.78 Billion.
The sale is following the National Security Agreement entered into by OOIL and its partners with the U.S. Department of Homeland Security and U.S. Department of Justice in July of 2018, Under which OOIL committed to divest its ownership in the terminal.
LBCT is part of the ports nine-year, $1.4Bn Middle Harbour Redevelopment Project. With the goal of combining aging terminals into one of the most technologically advanced and environmentally sustainable facilities in the world.
As part of the sale, OOCL will maintain a 20-year Container Stevedoring and Terminal Services Agreement with LBCT.
China’s influence at the Port of Long Beach increased dramatically when its state-owned shipping line COSCO’s purchased rival shipping line OOCL. To get the deal approved COSCO had to promise to sell off part of their container terminal stake at the port to quell the fears of regulators.
Macquarie Infrastructure Partners
Macquarie Infrastructure Corporation (MIC) owns, operates and invests in a diversified portfolio of infrastructure and infrastructure-like businesses including ports and terminals.
We look forward to partnering with the Port of Long Beach and the LBCT management team to ensure that LBCT delivers high-quality service to OOCL and our other customers going forward. We are also committed to completing the current expansion of LBCT by 2022, which will significantly increase the capacity of the terminal.
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