LONG BEACH : Port OKs $250-Million Terminal for Hanjin
The Port of Long Beach has agreed to construct a $250-million terminal and lease it to one of Asia’s largest shipping companies.
Under the arrangement, South Korea-based Hanjin Shipping Co. will pay at least $19 million a year for 15 years to use the terminal, company officials said.
The new terminal is slated for a 170-acre parcel of land at Pier A, the site of a former oil field north of the port’s Cerritos Channel. The land is part of a 725-acre plot purchased by the port last year for $405 million, and must be decontaminated and cleared of oil wells.
Hanjin has outgrown the 57-acre terminal it has leased at the port since 1991. The company moved more than 2 1/2-million tons of cargo through the port in about 400,000 shipping containers last year, a 250% increase since 1991, port spokeswoman Yvonne Avila said.
The new terminal would be the Long Beach harbor’s largest, surpassing the 109-acre International Transportation Services terminal on Pier J.
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