Ocean Network Express (ONE) has signed definitive agreements to acquire a 51 per cent stake in each of TraPac LLC (TraPac) and Yusen Terminals LLC (YTI).
Trapac is currently held by Mitsui O.S.K. Lines, (MOL) Ltd.
YTI is held by Nippon Yusen Kabushiki Kaisha (NYK Line).
YTI is a container terminal operator and vessel stevedore that provides container terminal services in Los Angeles.
The acquisitions are part of the integration of the container shipping businesses from the parent companies into ONE.
“The recent disruptions to the supply chain due to COVID-19 have highlighted the importance container terminals play in keeping global trade flowing,” ONE wrote in a statement.
“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 these transactions is subject to the approval of the relevant authorities.