Japanese liner operator Ocean Network Express (ONE) is buying controlling stakes in three US West Coast container terminals from its parent companies.
The world’s seventh largest carrier will own 51% of TraPac, a container terminal operator and stevedoring company owned and established by Mitsui OSK Lines (MOL) in 1985 that provides services to the ports of Los Angeles and Oakland.
ONE will further bolster its position in Los Angeles with another 51% stake in Yusen Terminals, a terminal operator jointly owned by Nippon Yusen Kaisha (NYK) and Macquarie Infrastructure Partners.
“These acquisitions are part of the integration of the container shipping businesses from the parent companies into ONE,” the Singapore-based company founded by NYK, K Line and MOL in 2017 said in a release, adding that the move will safeguard its access to terminal capacity in key and strategic gateways, support its growth ambitions and enhance its service offerings to customers.
The closing of these transactions is subject to the approval of the relevant authorities.
