The Port of Long Beach has reached a major agreement with Hong Kong-based Orient Overseas Container Line (OOCL) for the shipping group to expand and operate thr 300 acre Middle Harbour container terminal.
The Californian port has signed a 40-year, US$4.6bn lease with OOCL, the largest deal of its kind for any US port, and will create 'thousands of jobs' in the process, IFW reported.
'This agreement represents a major endorsement of our vision for the port by one of the leading maritime companies in the world,' noted the port's executive director Christopher Lytle.
Some US$1.2bn will be invested in the container terminal, with OOCL and Long Beach Container Terminal investing around US$500m in the latest cargo-handling equipment.
According to IFW, the Middle Harbor project is expected to generate over 14,000 new jobs throughout southern California by 2020.
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