$1.2B shipping facility in Long Beach, Calif., gets 40-year lease

01/19/2012 | Wall Street Journal, The

A $1.2 billion shipping container facility is being built at the Port of Long Beach in California and should be ready in about 2020. The project will redevelop two older terminals there and combine them into one that is fully automated. The pier will be eco-friendly. Hong Kong-based Orient Overseas Container Line has signed a $4.6 billion, 40-year lease with the port, a deal that confirms that the Port of Long Beach "can remain competitive and that…the shipping lines believe that too," said Art Wong, a port spokesman.

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