The Japanese shipping company Ocean Network Express (ONE) has announced a deal to acquire majority ownership interests in three container terminals on the American West Coast.
Definitive agreements have been signed by ONE with Mitsui O.S.K. Lines, Ltd. (MOL) and Nippon Yusen Kabushiki Kaisha (NYK Line), respectively, to buy a 51% stake in each of TraPac LLC and Yusen Terminals LLC. Both the TraPac Los Angeles container terminal and a second container terminal at the Port of Oakland are run by TraPac. The Yusen Container Terminal at the Port of Los Angeles is run by YTI.
In a press release, ONE stated that "these acquisitions are part of the integration of the container shipping businesses from the parent companies into ONE." "The recent supply chain disruptions brought on by COVID-19 have brought to light the critical role container terminals play in maintaining the flow of international trade. The recently acquired container terminals will support ONE's growth aspirations, secure its access to terminal capacity in significant and strategic gateways, and improve its service offerings to clients.
The three largest container shipping companies in Japan, NYK Line, "K" Line, and MOL, came together to form ONE in 2017. According to Alphaliner, the new company began operations on April 1, 2018 and is currently ranked as the seventh largest container ship operator in the world, commanding a fleet of more than 200 containerships with a 1.5 million TEU capacity.
The closing of the terminal transactions are subject to the approval of the relevant authorities.