Ocean Network Express (ONE) has signed definitive agreements to acquire a 51% stake in each of TraPac LLC (TraPac) and Yusen Terminals LLC (YTI), currently held by Mitsui O.S.K. Lines, Ltd. and Nippon Yusen Kabushiki Kaisha, respectively.
TraPac is a container terminal operator and vessel stevedore that provides container terminal services in Los Angeles and Oakland, while YTI is a box terminal operator and vessel stevedore that operates in Los Angeles.
These acquisitions are part of the integration of the container shipping businesses from the parent companies into ONE.
According to the Singaporean container carrier, the recent disruptions to the supply chain due to the Covid-19 pandemic have highlighted the important role that container terminals play in keeping global trade flowing.
"The newly acquired box terminals are going to safeguard ONE’s access to terminal capacity in key and strategic gateways, support its growth ambitions and enhance its service offerings to customers," said the company in a statement.
The closing of the transactions is subject to the approval of the relevant authorities.