Australia’s Macquarie buys a major U.S. container terminal in Long Beach for $1.78 billion
A container is loaded onto a cargo ship from a gantry crane at the Long Beach Container Terminal at the Port of Long Beach in Long Beach, Calif. Photo: Tim Rue/Bloomberg News By Costas Paris May 5, 2019 8:00 a.m. ET Macquarie Infrastructure Partners has an important piece of financial support in its bid to build up its role in U.S. shipping.
LBCT is one of the best-performing cargo-port operations in North America. It more than doubled its container volumes from 2014 to 2018, when more than 1.6 million boxes passed through its gates. LBCT is a pillar of the Long Beach port, the second-busiest container port in the U.S. behind the neighboring Port of Los Angeles. It handles a fourth of the port’s eight million containers a year, which are mainly Asian imports. The port will have a capacity to handle around 3.3 million containers by 2022.
The pact gives Macquarie a cushion against seasonal downturns, trade tensions and the potential impact of deeper changes in supply chains. Despite LBCT’s growth, figures suggest companies have diverted shipments toward East Coast ports since the widening of the Panama Canal in 2016, casting a cloud over the Pacific Coast gateways.
The terminal has two berths and a third coming online by 2022 that will boost its container handling capacity by 50%. When completed, the new facility will be able to handle some of the industry’s biggest container vessels. Some cargo is even moving through the third berth while it is still under construction.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Ocean waves are getting bigger and climate change appears to be to blame“As with all climate-related change, the message is clear. We need to limit the production of greenhouse gases,” the study co-author told Newsweek.
Lire la suite »
Asia powers HSBC profit beat as trading arm strugglesHSBC Holdings PLC beat forecasts with a 31 percent rise in first quarter profit,...
Lire la suite »
Rio Tinto CEO says 'firmly believes' U.S., China to make trade pactCopper miner Rio Tinto Ltd 'firmly believes' that the United States an...
Lire la suite »
EU plans sharp hike in U.S. energy imports as trade leverThe European Union will seek to double imports of liquefied natural gas (LNG) fr...
Lire la suite »
Washington’s Biggest Lobbyist, the U.S. Chamber of Commerce, Gets Shut OutChilly relations with both the White House and congressional Democrats leaves the chief advocacy group for American corporations struggling to adapt to changing politics and shift in the U.S. economy.
Lire la suite »
U.S.-China trade talks will likely conclude in next two weeks: MulvaneyTalks between the United States and China aimed at resolving their trade dispute...
Lire la suite »
Mnuchin hopes latest talks may seal U.S.-China trade dealU.S. Treasury Secretary Steven Mnuchin, in an television interview that aired on...
Lire la suite »
U.S., China Conclude Productive Trade Talks, but Sticking Points RemainNegotiators made headway on thorny issues in the U.S.-China trade dispute, including access to key markets and how to roll back punitive tariffs, though Chinese subsidies and other sticking points remain.
Lire la suite »
Tariffs That Started the U.S.-China Trade Conflict Now Dog Its FinishAs U.S. and Chinese officials try to close a trade deal, the punitive tariffs the governments slapped on each country’s goods in the conflict stand as a major obstacle.
Lire la suite »
China, U.S. hold 'productive' trade talks in BeijingChina and the United States held 'productive' trade talks in Beijing o...
Lire la suite »