Published Date:
20-Jan-2012
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shipping-exchangeThe 40-year lease with the Hong Kong-based container shipping and logistics service company is a $4.6 billion commitment to "the biggest port terminal project in North America," said Port Executive Director J. Christopher Lytle.

"This agreement will allow us to move ahead with construction of the most technologically advanced and greenest terminal in the world," said Lytle, who made the announcement Thursday at his first State of the Port address at the Long Beach Convention Center.


The agreement, which is expected to go before the Harbor Commission on Monday, validates the city's commitment to infrastructure, said Mayor Bob Foster.

"In order for this port to thrive, in order for it to remain the economic engine that it is, we have to expand and we have to be able to move greater volumes of cargo at greater velocities," Foster said.


Foster added that he had spoken to the president of OOCL at the Long Beach Area Chamber of Commerce event, which brought more than 600 city and business leaders.


"He said it's the largest commitment they've made anywhere in the world," the mayor said. "So it demonstrates that we are right in what we said. We're going to plan for the future. We're going to have a port for the future."