Long Beach Port finalizing $4.6B shipping lease

By: Associated Press Email
By: Associated Press Email

LONG BEACH, CALIF. (AP) -- The Port of Long Beach is finalizing a $4.6 billion lease with a major Hong Kong-based shipping container line.

The deal involves the California harbor's largest-ever terminal upgrade and expansion. When completed, it is expected to add 15,000 jobs to the local economy.

Port of Long Beach executive J. Christopher Lytle is expected to announce Wednesday that a tentative 40-year lease has been struck with Orient Overseas Container Line, commonly known as OOCL.
OOCL has a fleet of 84 owned and chartered ships and is the world's 12th largest ocean shipping line.

Long Beach ranks second to the neighboring Port of Los Angeles in the number of cargo containers handled.

Lytle tells the Los Angeles Times that the record deal is a vote of confidence for the port's future.


You must be logged in to post comments.

Password (case sensitive):
Remember Me:
KKCO NBC 11 News
2531 Blichmann Avenue
Grand Junction, CO 81505

Station Phone: 970.243.1111
Business Fax: 970.243.1770
Newsroom Fax: 970.245.3793
News Tip & Contest Line: 970.255.8477
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 137682638 - nbc11news.com/a?a=137682638
Gray Television, Inc.