TOP US terminal operator Ports America is buying a 30 per cent in International Transportation Service (ITS), a wholly owned subsidiary of "K" Line, in a move to will involve the facilities handling mega ships.
The sale price was not disclosed and the deal is subject to regulatory approvals expected in late August for car carriers, according to London's Lloyd's List.
ITS operates berths G226-G236 in Long Beach, with a total area of 99.6 hectares. Its 100 per cent-owned subsidiary Husky Terminal & Stevedoring operates a 37.6 hectare terminal with two berths in Tacoma.
New Jersey-based Ports America, the largest terminal operator and stevedoring company in the US, services "K" Line in Oakland, Jacksonville, Newark, Brunswick and Charleston.
"We are pleased to extend our relationship with "K" Line through this investment," said Ports America CEO Michael Hassing. "Ports America realises the need for continued capital improvement and expansion.
Ports America expects to spend more than US$250 million in the next few years on enhancements to prepare for larger vessels. This is in addition to the over $300 million already spent in Baltimore, Newark and Oakland.
Ports America operates in 42 ports at 80 locations, handling containers, bulk, breakbulk, automotive, project and military cargo as well as cruise ships. Its facilities handle almost 13 million TEU a year.
Mr Hassing said a priority for the whole country was to upgrade US ports that were falling behind Asia and Europe in terms of cargo-handling.
With 14,000-TEU ships now entering the transpacific and larger vessels likely to be deployed on the Atlantic once the wider Panama Canal is opened, ports on both coasts need to close the gap, he said.
PORTS
05 August 2014 - 07:28
Ports America takes 30pc of 'K' Line's Long Beach and Tacoma terminals
TOP US terminal operator Ports America is buying a 30 per cent in International Transportation Service (ITS), a wholly owned subsidiary of "K" Line, in a move to will involve the facilities handling mega ships.
PORTS
05 August 2014 - 07:28
Ports America takes 30pc of 'K' Line's Long Beach and Tacoma terminals
This news 10090 hits received.
These news may also interest you