Ocean Network Express, the ocean carrier established in 2017 by Japan’s K-Line, MOL and NYK, is set to take a 51% stake in each of two U.S. West Coast terminal operators, Trapac LLC and Yusen Terminals LLC (YTI). Those stakes are currently held by two of ONE’s parent companies.
Mitsui O.S.K. Lines (MOL) currently holds the controlling stake in TraPac, a container terminal operator and vessel stevedore that provides container terminal services in Los Angeles and Oakland.
Nippon Yusen Kabushiki Kaisha (NYK) holds the controlling stake in YTC, a terminal operator and stevedore that provides container terminal services in Los Angeles.
These acquisitions are part of the integration of the parent companies’ container shipping businesses 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, says ONE, adding that the newly acquired container terminals will safeguard its 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.