Yang Ming extends POLA lease agreement

Yang Ming’s current lease at the West Basin Container Terminal ends in 2021. The new agreement extends this to 2030 and represents additional port revenues of between US$365m and US$525m, depending on cargo volumes.

“This agreement and lease extension ensures that West Basin Container Terminals will increase its global competitiveness with expanded facilities to handle more cargo,” said Geraldine Knatz, executive director, POLA.

“The port is an economic driver for our region, and its success translates to jobs here in Los Angeles. I am happy this agreement will allow the largest, most modern ships to call at Yang Ming and provide cargo growth over the next 17 years,” added Mayor Villaraigosa.

In conjunction with the lease extension, the port has signed a Memorandum of Understanding to expand and modernise the Yang Ming terminal facilities.

The port will invest US$122m in improvements at the terminal, including construction of a new 1,260 ft wharf at berths 126-129, dredging to a depth of 53ft at the newly constructed wharf, and expansion of the West Basin intermodal container transfer facility.

This follows in the wake of the port’s recent US$1.2bn investment to update terminals, increase rail capacity and deepen the main channel to allow larger ships to call at the port.