Orient Overseas Container Line (OOCL) has sold of Long Beach Container Terminal to a Macquarie Infrastructure Partners (MIP)-led consortium for $1.78bn.

The deal was originally announced in April. According to the agreement, OOCL sold 100% of shares of the terminal.

LBCT LLC operates the terminal, which is located in the Port of Long Beach in California, US.

OOCL parent company OOIL, Faulkner Global, the US Department of Homeland Security and the US Department of Justice have signed National Security Agreement. The terminal sale deal was part of the agreement.

OOCL CEO Andy Tung said: “Over the past thirty 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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

According to the contract, OOCL will also sign a container stevedoring and terminal services agreement with LBCT for a period of 20 years.

MIP CEO Karl Kuchel said: “This transaction marks another key milestone in our relationship with OOIL and we greatly appreciate their significant long-term customer commitment to LBCT.

“We are also committed to completing the current expansion of LBCT by 2022, which will significantly increase the capacity of the terminal.”