Port of L.A. Review Proposed Yang Ming Terminal Improvements
The Port of Los Angeles is initiating the environmental review process on a proposed berth-improvement project by Yang Ming, a Taiwanese marine transport company at the Port. The start of the environmental process, which is expected to formally begin this fall with a Notice of Preparation, is the first step in Yang Ming's plan to enhance its terminal facilities and deepen its berth to accommodate 14,000 Twenty Foot Equivalent (TEU) vessels and increase cargo volume. In May, executives from Yang Ming and the Port of Los Angeles signed a term sheet agreement at Chi-Du…
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. 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.
