The Port of Long Beach container volumes fell 4.7 percent in the first quarter of 2019 compared last year as the rush to beat tariffs eased. The Port of Long Beach reported Wednesday moving more than 1.8 million twenty-foot equivalent units (TEUs) January through March. Despite lingering trade uncertainty, the quarter still marked the second-busiest first quarter in the … [Read more...]
Yilport Is Said in Talks for $2 Billion California Terminal Deal
By Gillian Tan, Vinicy Chan and Ercan Ersoy (Bloomberg) -- Turkey’s Yilport Holding AS is in advanced talks to buy a container terminal in Long Beach, California, a deal that would value the facility at close to $2 billion, people with knowledge of the matter said. The discussions between Yilport, owned by Robert Yuksel Yildirim, and terminal owner Cosco Shipping Holdings … [Read more...]
Shippers Must Share the Financial Impact of Carriers’ IMO 2020 Compliance
By Mike Wackett in Long Beach (The Loadstar) - The implications for carriers and BCOs of the IMO low-sulphur regulations that come into force in less than 10 months have dominated this week’s JOC TPM Conference in Long Beach Normally the annual event, this is the 19th, marks the start of annual contract rate negotiations on the transpacific, but this year the spectre of … [Read more...]
Trade War Pushes Port of Long Beach Towards New Cargo Record
Cargo volume at the Port of Long Beach continued to rise in November, setting the stage for a second consecutive calendar year record. The Port handled 621,835 twenty-foot equivalent units (TEUs) of container cargo during the month, a 1.5 percent increase compared to November 2017. Last month’s performance pushed 2018’s total TEU count to 7,349,377, making it virtually … [Read more...]
Blackstone, KKR Said to Pursue $1 Billion Container Terminal in Long Beach
By Gillian Tan and Vinicy Chan (Bloomberg) -- Cosco Shipping Holdings Co.’s sale of a container terminal in Long Beach, California has drawn interest from potential buyers including Blackstone Group LP and KKR & Co., people familiar with the matter said. EQT Partners and an arm of Macquarie Group Ltd. have also been studying a deal for the asset, the people said, asking … [Read more...]