Japan-based shipping company Ocean Network Express (ONE) on Dec. 27 revealed that it has signed agreements to acquire a 51% stake in two terminal operators—TraPac LLC and Yusen Terminals (YTI), which are both currently held by Mitsui O.S.K. Lines, Ltd.—and a shipping company, Nippon Yusen Kabushiki Kaisha, commonly known as NYK Line.
TraPac is a container terminal operator and vessel stevedore that provides container terminal services in Los Angeles and Oakland. YTI is a container terminal operator and vessel stevedore that provides container terminal services in Los Angeles.
“These acquisitions are part of the integration of the container shipping businesses from the parent companies into ONE,” the company explained in a statement. “The recent disruptions to the supply chain due to COVID-19 have highlighted the importance container terminals play in keeping global trade flowing.”
“The newly acquired container terminals will safeguard ONE’s access to terminal capacity in key and strategic gateways, support its growth ambitions and enhance its service offerings to customers,” the statement continued.
The closing of the transactions is subject to the approval of the relevant regulatory authorities.
ONE, which was founded in 2016, is a joint venture between NYK, Mitsui O.S.K. Lines (MOL), and another maritime shipping company, Kawasaki Kisen Kaisha, Ltd., commonly known as K Line.