Under a sale that was triggered by U.S. national security concerns, Macquarie paid $1.78 billion to run LBCT until 2051. Newsletter Sign-upThe prime property was available because of the rampant consolidation in the container shipping industry that left its owner, OOIL, in the hands of Cosco Shipping Holdings Co. LBCT is a pillar of the Long Beach port, the second-busiest container port in the U.S. behind the neighboring Port of Los Angeles. The pact gives Macquarie a cushion against seasonal downturns, trade tensions and the potential impact of deeper changes in supply chains. Cosco will maintain its minority investments in other U.S. ports, meanwhile, including another pier at Long Beach and at the ports of Los Angeles and Seattle.

Source: Wall Street Journal May 05, 2019 12:00 UTC