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Macquarie pays $1.78bn for OOCL’s Long Beach terminal

Amid a crowded field Cosco has picked a consortium led by Macquarie Infrastructure Partners to buy out a terminal in Long Beach belonging to subsidiary Orient Overseas Container Line (OOCL).

The Chinese shipping giant had to sell the terminal as part of US authorities agreeing the takeover of OOCL last year. Long Beach Container Terminal is one of the most advanced box handling facilities in California and Cosco was not short of offers for the prime site, eventually accepting Macquarie’s $1.78bn bid.

As part of the sale, OOCL has committed to call at the terminal for the next 20 years.

Commenting on the sale, Andy Tung, co-CEO of OOCL, said: “Over the past 30 years, we have developed Long Beach Container Terminal into the safest, most efficient and lowest-emission terminal in the United States. We are confident of the future prospects of the terminal under the ownership of MIP and its co-investors, and we look forward to being a long term strategic customer of Long Beach Container Terminal and the Port of Long Beach.”

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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