NORTH AMERICA

ORIENT TO ABANDON NORTH AMERICA

20 years ago

Hong Kong-based Orient Overseas (International) Ltd is to sell terminals it operates at Staten Island New York, in New Jersey and two in Vancouver, raising an estimated $1bn.These are expected to generate $107m in earnings during the year.

The four contracts approved include $3.7m to demolish a warehouse and install seven acres of heavy-duty asphalt pavement and related infrastructure; $1.5m to purchase 15 spreader bars for RTGs; $700,000 to purchase four spreader bars for ship-to-shore container cranes; and $900,000 to complete the acquisition and assembly of four ship-to-shore cranes.