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L.A. Port Extends Major Lease Agreement with Chinese Shippers

Mayor Antonio Villaraigosa announced the signing of an agreement with Yang Ming, a marine transport company, to extend its lease at the Port of Los Angeles for an additional nine years. Yang Ming’s current lease at the West Basin Container Terminal ends in 2021; with this agreement, it extends to 2030 and represents additional port revenues of between $365 and $525 million, depending on cargo volumes.