Port of Los Angeles locks in ONE terminal for 30 more years

The Port of Los Angeles has approved a 30-year lease extension that keeps Yusen Terminals operating its marine terminal through 2056. The Los Angeles Board of Harbor Commissioners approved the deal this week, under which Yusen Terminals—unit of Singapore-based Ocean Network Express (ONE)—will invest an additional $200 million in zero-emission cargo-handling equipment. Yusen has been at the port since 1991 on 232 acres covering berths 212-224. With about 1.5 million TEUs annually, it ranks fifth among six terminals at LA. The terminal handles calls by carriers including Hapag-Lloyd, Hyundai Merchant Marine, Wan Hai Lines and Yang Ming. Port officials say the upgrade supports clean air initiatives.