The sale is undertaken pursuant to the National Security Agreement entered into by OOIL, Faulkner Global Holdings Limited, a subsidiary of COSCO Shipping Holdings Co., Ltd, and the US Department of Homeland Security and the US Department of Justice on 6 July 2018, under which OOIL committed to divest its ownership of the Long Beach Container Terminal business.

As part of the sale, Orient Overseas Container Line Limited (OOCL), a subsidiary of OOIL, will also enter into a Container Stevedoring and Terminal Services Agreement with Long Beach Container Terminal (LBCT LLC) for a 20-year period.

Over the past thirty years, we have developed Long Beach Container Terminal into the safest, most efficient and lowest-emission terminal in the United States. We are confident of the future prospects of the terminal under the ownership of MIP and its co-investors, and we look forward to being a long term strategic customer of Long Beach Container Terminal and the Port of Long Beach,

...said Andy Tung, Co-Chief Executive Officer of OOCL, commenting on the sale.

We are pleased to acquire LBCT, a premier terminal in the largest port complex in North America, which serves as a gateway for trans-Pacific trade...We are also committed to completing the current expansion of LBCT by 2022, which will significantly increase the capacity of the terminal,

...commented Karl Kuchel, CEO of MIP.

The completion of the sale will be subject to approvals from the relevant regulatory authorities and other customary conditions.

LBCT LLC operates the Long Beach Container Terminal (LBCT) in the Port of Long Beach, California, US.