Yang Ming is extending its lease at the Port of Los Angeles for an additional nine years.
The ocean carrier’s current lease at the West Basin Container Terminal was to end in 2021, but it will now last until 2030, Los Angeles Mayor Antonio Villaraigosa said today.
The mayor also signed a memorandum of understanding this week while on a trip to China to expand and modernize Yang Ming’s terminal facilities at the port. Under the agreement, the Port of Los Angeles will spend $122 million on improvements, including constructing a new 1,260-foot wharf at Berths 126-129, dredging to a depth of 53 feet at the new wharf, and expanding the West Basin Intermodal Container Transfer Facility.
“This agreement and lease extension ensures that West Basin Container Terminal will increase its global competitiveness with expanded facilities to handle more cargo,” said Geraldine Knatz, executive director of the Port of Los Angele, in a written statement. “The port had been making progress on these negotiations, but it was this trade mission and the mayor’s leadership that closed this important deal.”
The West Basin Container Terminal is a partnership between Yang Ming, China Shipping and Ports America.