VIDEO: Middle Harbor Dredging Makes Progress (USA)
- Business & Finance
The Port of Long Beach has signed a 40-year, $4.6 billion lease with Orient Overseas Container Line (OOCL) and its subsidiary, Long Beach Container Terminal (LBCT), for the Middle Harbor property, in the largest deal of its kind for any U.S. seaport.
The nine-year, $1.2 billion project will upgrade wharfs, water access and storage areas, as well as add a greatly expanded on-dock rail yard.
The project will cut air pollution and add thousands of jobs to the economy. Construction is well underway; work on the project started in spring 2011.
About one-third of the wharf has been completed (the southern portion, with completion for the northern section of the wharf expected in spring 2014). Cranes for the completed wharf are scheduled for delivery in November.
Dredging Today Staff, September 30, 2013