“The largest and most far-reaching terminal lease” at the Port of Long Beach is a done deal. OOCL, the Hong Kong-based shipping company and the city of Long Beach have finalized a 40-year lease that will bring major improvements to the Middle Harbor Terminal.
“The Middle Harbor terminal is set to undergo a $1.2 billion redevelopment, which will see the integration of both Pier’s F and E into one container terminal. Long Beach Container Terminal and OOCL will also provide an additional $500 million to supply the 305-acre site with the latest terminal handling equipment, according to Long Beach officials.”
The redevelopment is set to be completed by 2021 and will bring 14,000 jobs to the region. Read the entire Port Technology article to learn more.
[Image credit: Jay Bergesen]