ONE acquiring three US West Coast container terminals
Ocean Network Express (ONE) is acquiring majority stakes in three US West Coast container terminals from two of its parent companies – Mitsui OSK Lines (MOL) and NYK.
ONE has signed definitive agreements to acquire a 51% stake in each of TraPac LLC and Yusen Terminals LLC (YTI), currently held by MOL and NYK respectively.
TraPac is a container terminal operator and vessel stevedore that provides container terminal services in Los Angeles and Oakland. YTI is a container terminal operator and vessel stevedore that provides container terminal services in Los Angeles.
“These acquisitions are part of the integration of the container shipping businesses from the parent companies into ONE. The recent disruptions to the supply chain due to Covid-19 have highlighted the importance container terminals play in keeping global trade flowing,” ONE said.
“The newly 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 customers.”
The closing of the transactions is subject to the approval of the relevant authorities.
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