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

MarineLink.com
Thursday, May 30, 2013
Photo: The Port of Los Angeles

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.

In conjunction with the lease extension, Mayor Villaraigosa signed a Memorandum of Understanding Tuesday in Beijing to expand and modernize the Yang Ming terminal facilities at the port. As part of the agreement, the Port will invest $122 million in improvements at the terminal, including construction of a new 1,260 linear foot wharf at Berths 126-129, dredging to a depth of -53 feet at the newly constructed wharf, and expansion of the West Basin Intermodal Container Transfer Facility. The West Basin Container Terminal is a partnership between Yang Ming, China Shipping, and Ports America.

“I am happy this agreement will allow the largest, most modern ships to call at Yang Ming and provide cargo growth over the next 17 years,” Mayor Villaraigosa said. “The port is an economic driver for our region, and its success translates to jobs here in Los Angeles. With two previous trade missions in 2006 and 2011, we worked to develop strong ties with our partners in China. With this latest trip, we have ensured our relationships remain vibrant.”

“This agreement and lease extension ensures that West Basin Container Terminals will increase its global competitiveness with expanded facilities to handle more cargo,” said Port of Los Angeles Executive Director Geraldine Knatz. “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.”

China is Los Angeles’ number one trading partner, representing 39.4 percent of L.A.’s total global trade numbers. The export sector supports 312,677 local production jobs, and every $1 billion in new exports creates more than 6,000 good jobs for Angelenos. In 2012, China’s total trade with the L.A. Customs District was $159,261,157,840.

Los Angeles has made significant investments in its infrastructure in order to remain competitive in the global economy. The $122 million modernization of the Yang Ming terminal facilities will complement the Port’s $1.2 billion investment to update terminals, increase rail capacity, and deepen the main channel to allow ships to reach a 53-foot depth and increase the seaborne trade coming through L.A.

Mayor Villaraigosa traveled with executives from the Port of Los Angeles, Los Angeles World Airports, and the Los Angeles Tourism and Convention Board to Beijing, China May 26-29, 2013.

During this trip, Mayor Villaraigosa met with Chinese President Xi Jinping, Beijing Mayor Wang Anshun, Vice Minister Xia Xinghua of the Civil Aviation Administration of China, Air China President Cai Jianjiang, and Dalian Wanda Chairman Wang Jianlin. The delegation also held events designed to boost tourism to Los Angeles and encourage companies to locate in LA and invest in our local companies.

www.portoflosangeles.org
 

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Hamburg Süd to Acquire CCNI Liner Service

Compañía Chilena de Navegación Interoceánica S.A. (CCNI) with headquarters in Valparaiso, Chile, and Hamburg Südamerikanische Dampfschifffahrts-Gesellschaft KG (HSDG) with headquarters in Hamburg,

Asia VLCC Rates Could Nudge Higher on Activity

Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering

Star Bulk Takes Delivery of First Capesize from JMU

Athens, Greece-headquartered Star Bulk Carriers says it has taken delivery of 'M/V Peloreus' a 182,000 dwt Capesize built by Japan Marine United (“JMU”) and the

Ports

Dredging at Jurong Port, Singapore

Dredging work will be carried out at Keppel Shipyard Benoi Road, off West Jurong Channel, from 28 July to 30 September. As per the Maritime and Port Authority of Singapore Port Marine Notice No.

Homecoming Scotland 2014 Fireball Championships

Lerwick Harbour is ready for an exciting week of sailing with the 2014 Fireball European Championships taking place at the port next week. As a warm-up to the main event,

Iraqi Kurdish Oil Nears US Port Despite Concern in Washington

A tanker carrying crude oil from Iraqi Kurdistan is just one day away from arriving at a U.S. port, according to ship tracking satellites, despite Washington's

Container Ships

Hamburg Süd to Acquire CCNI Liner Service

Compañía Chilena de Navegación Interoceánica S.A. (CCNI) with headquarters in Valparaiso, Chile, and Hamburg Südamerikanische Dampfschifffahrts-Gesellschaft KG (HSDG) with headquarters in Hamburg,

Samudra Containership Rationalisation Hits Revenues

Diversified Singapore-based containership owners Samudra Group reports registered revenue of USD 96.9 million for the second quarter ended 30 June 2014, a 7.6% decline from USD 104.

MES Gets First Order for ME-GI Marine Engine

Mitsui Engineering & Shipbuilding Co., Ltd. (MES) has received the first order of electronically controlled gas injection diesel engine (ME-GI) for MES. MAN B&W 8S70ME-C8.

News

Exxon eyes expanding Texas refinery

Exxon Mobil Corp is considering a multi-billion-dollar plan to expand its Beaumont, Texas, refinery into the country's largest, the first major refining investment of the U.

Dredging at Jurong Port, Singapore

Dredging work will be carried out at Keppel Shipyard Benoi Road, off West Jurong Channel, from 28 July to 30 September. As per the Maritime and Port Authority of Singapore Port Marine Notice No.

ISS's Innovative Series of New Travel Apps for Cruise Industry

Inchcape Shipping Services (ISS) the world’s leading maritime services provider, has launched an innovative series of travel apps for the cruise industry in Greece,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2116 sec (5 req/sec)