- One Network Express signed definitive agreements to acquire majority stakes in three California container terminals
- ONE bought a 51% stake each in TraPac and Yusen Terminals
- The acquisitions integrate the container shipping businesses from the parent shipping companies into ONE
Ocean Network Express (ONE), jointly owned by Japanese shipping lines Nippon Yusen Kabushiki Kaisha (NYK), Mitsui O.S.K. Lines (MOL) and K Line, signed definitive agreements to acquire a majority stake in three California container terminals.
ONE acquired a 51% stake in each of TraPac LLC, currently held by MOL, and Yusen Terminals LLC (YTI), currently held by NYK.
TraPac is a container terminal operator and vessel stevedore that provides container terminal services in Los Angeles and in Oakland. YTI is a container terminal operator and vessel stevedore that provides container terminal services in Los Angeles.
“These acquisitions are part of the integration of the container shipping businesses from the parent companies into ONE,” the company said in a statement.
“The recent disruptions to the supply chain due to COVID-19 have highlighted the importance container terminals play in keeping global trade flowing,” ONE said.
“The newly acquired container terminals will safeguard ONE’s access to terminal capacity in key and strategic gateways, support its growth ambitions and enhance its service offerings to customers.”
The closing of the transactions is subject to the approval of the relevant authorities.
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