Notice that RR steps down on the 11th?
China operates six of the world's ten busiest container ports. The Chinese government has also funded the construction and operations of 43 ports in 35 countries under its "One Belt and One Road" (OBOR) initiative launched five years ago, according to China's Ministry of Transport.
As part of its efforts to gain asset dominance, China has directed its state-owned companies to exclusively buy products and services from other Chinese state-owned enterprises. As a result, China International Marine Containers Group has become the world's largest maker of shipping containers and Shanghai Zhenhua Heavy Industries has gained a 70 percent international market share for port cranes, and now exports to 300 ports in 100 countries.
Under the Macquarie acquisition terms, Orient Overseas International will pocket a $1.29 billion profit and still control vessel and rail traffic at the container facilities for the next twenty years.
https://www.americanshipper.com/news/macquarie-consortium-buying-long-beach-container-terminal?autonumber=848093
Orient Overseas (International) Limited (OOIL) said it had sold 100 percent of Long Beach Container Terminal (LBCT) for $1.78 billion to a consortium led by Macquarie Infrastructure Partners.
OOIL was required to sell the terminal, one of the largest and most automated in the country, pursuant to the National Security Agreement with the U.S. Department of Homeland Security and U.S. Department of Justice.
The federal government demanded the sale of the terminal after a review last year of the purchase of OOIL by COSCO Shipping Holdings by the Committee on Foreign Investment in the United States (CFIUS).
As part of the agreement with Macquarie, OOCL will continue to have its ships call at LBCT with a minimum volume commitment under a 20-year container stevedoring and terminal services agreement.
BAKER NOTABLE
This is the source for the Long Beach American Thinker article, and is much better (spells the name right, it's COSCO not COSTCO)