Ocean Network Express (ONE) has signed agreements to acquire stakes in container shipping businesses and is looking to acquire three container terminals on the US West Coast. The Singaporean Container carrier stated that they are banking on container terminals as they play an important role in keeping global trade flowing.
ONE signed agreements to acquire a 51% stake in both TraPac LLC and Yusen Terminals LLC (YTL). They are currently owned by Mitsui O.S.K Lines Ltd. and Nippon Yusen Kabushiki Kaisha respectively. TraPac is a container terminal operator that also provides vessel stevedore services in Oakland and Los Angeles, while YTL is a box terminal operator and vessel stevedore that operates in Los Angeles.
An Ocean Network Express spokesperson stated that the Covid-19 crisis was particularly illuminating in highlighting the importance of container terminals in the supply chain. He also stated that these acquired container terminals will safeguard ONE’s access to terminal capacity in key and strategic gateways, support its growth ambitions and enhance its service offerings to its customers.
The closing of these deals is still subject to approvals from the relevant authorities.
The opinions expressed herein are the author’s and not necessarily those of News2Sea.
#Ocean #Network #Carrier #Acquire #Terminals #West #Coast