Los Angeles Mayor Antonio Villaraigosa has 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 the new agreement, it extends to 2030 and represents additional revenues of between US$365m-US$525m, depending on cargo volumes, the Mayor noted.
In conjunction with the lease extension, Mayor Villaraigosa signed a Memorandum of Understanding in Beijing to expand and modernise the Yang Ming terminal facilities at the Port.
As part of the agreement, the Port will invest US$122m 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.
“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,” said Mayor Villaraigosa. “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.'
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