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January 22, 2012updated 10 Mar 2022 3:42pm

OOCL and Port of Long Beach sign $4.6bn port deal

Orient Overseas Container Line (OOCL) and the Port of Long Beach have signed a 40-year, $4.6bn lease agreement for a major shipping facility in California, US.

By Patrick Scott

Middle Harbour terminal

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Orient Overseas Container Line (OOCL) and the Port of Long Beach have signed a 40-year, $4.6bn lease agreement for a major shipping facility in California, US.

Port of Long Beach executive director Christopher Lytle said this agreement represents a major endorsement of the company’s vision for the port by one of the world’s leading maritime companies. “We look forward to working with them to bring more jobs and economic vitality to southern California, while building the most technologically advanced and greenest container terminal in the world,” Lytle said.

Under the deal, OOCL and its terminal operating sister company Long Beach Container Terminal (LBCT) will occupy a 300-acre site known as Middle Harbour, where the port’s largest-ever terminal upgrade and expansion project is underway. The Middle Harbour terminal will be built in phases, with the first phase scheduled to be completed in 2016. Upon completion, OOCL will occupy that portion of the terminal while the LBCT segment is built out.

The development of the terminal is expected to generate more than 14,000 new, permanent jobs throughout southern California by 2020 and will be completed in 2021. The redeveloped terminal will be fully automated and upon completion it will have a 3.1Mteu capacity.

Long Beach is investing $1.2bn in the project, while OOCL and LBCT will invest $500m in the cargo-handling equipment.

LBCT, which has been operating in Long Beach since 1986 at a 100-acre facility, will move into a new development that is more than three times that size.

The company said that the project is a redevelopment of two older port terminals (Pier F and E) that will be merged into one. The new terminal is expected to double the existing capacity through the use of advanced cargo-handling technology. The port operates 10 piers on 3,200 acres and more than six million containers were delivered to the port in 2011 – a decrease of 3% from the previous year and 16% below its peak year of 7.3 million in 2007.

Image: The redeveloped Middle Harbour terminal will be fully automated and upon completion it will be capable of handling 3.1Mteu in cargo. Credit: Port of Long Beach.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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