OOCL Signs $347M in Port Development Contracts for Long Beach

LA-Containership-BridgeHONG KONG–Container shipper Orient Overseas (International) Ltd. (0316.HK) said Thursday it signed contracts to buy US$347 million worth of equipment from Shanghai Zhenhua Heavy Industries Co., a unit of China Communications Construction Co., to support the redevelopment of its terminal at the Port of Long Beach in California.

Orient Overseas said in a statement it will fund the purchases using internal resources. It didn’t elaborate.

In January, the Hong Kong container-shipping company, which has been operating terminal services in Long Beach since 1986, signed a lease for a major shipping facility being developed by the port, in a 40-year deal valued at $4.6 billion.

– Joanne Chiu, (c) Dow Jones & Co.

Image via Port of Long Beach