LONG BEACH, Calif. (AP) — The Port of Long Beach, the nation’s second-largest cargo container facility, reached a tentative $4.6 billion, 40- year lease with a major Hong Kong-based shipping container line, it was reported Thursday.
Work began earlier on the California harbor’s $1.2 billion Middle Harbor Redevelopment, it’s largest-ever terminal upgrade and expansion project. It includes a new terminal, upgraded wharfs, a storage area and expanded ondock rail yard; when completed, it is expected to add 15,000 jobs to the local economy.
The deal with Orient Overseas Container Line, commonly known as OOCL, was expected to be announced Thursday afternoon by Port of Long Beach executive director J. Christopher Lytle.
OOCL will take over the entire 300-acre-plus Middle Harbor site, which will have the capacity to handle three million cargo containers.
OOCL has a fleet of 84 owned and chartered ships.
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