The Port of Oakland announced on Friday that container terminal operator TraPac has reached agreement to almost double the size of its marine terminal at the port.
Mitsui O.S.K. Lines (MOL) subsidiary TraPac, which also has terminals in Los Angeles and Jacksonville, Florida, will take a 14-year lease on an additional 57 acres and two vessel berths at the port’s Outer Harbour.
Currently TraPac handles 20% of the containerized cargo going through the Port of Oakland, managing two vessel berths and 66 acres.
So if the new deal goes ahead TraPac would have four berths and 123 acres at the northern California Bay Area port.
This agreement is subject to approval from Oakland’s Board of Port Commissioners at a meeting on October 27.
The land involved used to be occupied by Outer Harbour Terminal, a JV of Ports America and Terminal Investment Ltd. Outer Harbour Terminal filed for Chapter 11 bankruptcy protection earlier this year.
The Port of Oakland says TraPac would, under the agreement, invest in upgrading and modernizing the new terminal land it leases.
