French shipping line invests in Port of Long Beach
LONG BEACH, Calif. (AP) — A France-based shipping line has purchased a stake in the Port of Long Beach, a move expected to boost port revenues by $70 million over the next five years.
Port officials announced Wednesday that CMA CGM, the world's third-largest container shipping line, would become a partner in the lease and operations of Pier J, a 256-acre terminal.
The move guarantees that the firm's ships will call exclusively at the Port of Long Beach when using the San Pedro Bay gateway. An additional 2.6 million container ports are expected to move through the port over the next half-decade.
The port has embarked on a 10-year, $4.5 billion capital improvement program that includes upgrades to terminals, rail facilities and overall infrastructure.