Port of Long Beach signs its ‘largest and most far-reaching terminal lease ever’

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Updated Apr 12, 2012

Port of Long Beach Executive Director J. Christopher Lytle and Orient Overseas Container Line CEO Phillip Chow signed a $4.6 billion 40-year lease for the new Middle Harbor container terminal at a ceremony last week at OOCL’s Hong Kong headquarters. Officials from the port and OOCL were joined by labor and maritime industry leaders representing the International Longshore and Warehouse Union and the Pacific Maritime Association.

“I can’t overstate the significance of this agreement,” Lytle said. “It is the largest and most far-reaching terminal lease ever at the Port of Long Beach.” The lease gives OOCL and its subsidiary, Long Beach Container Terminal, exclusive use of the facility for 40 years. It will be the port’s most technologically advanced and greenest terminal.

“The Middle Harbor Redevelopment Project is our flagship model for the ‘Port of the Future,’ ” Lytle said. “Once completed, it will ensure both the competitiveness of the Port of Long Beach, and our customer OOCL, for decades to come.”