OOIL to buy $347m of equipment for Long Beach terminal

Hong Kong container shipper Orient Overseas (International) Ltd (OOIL) has signed contracts to buy US$347 million worth of equipment from Shanghai Zhenhua Heavy Industries, a unit of China Communications Construction, to support the redevelopment of its terminal at the Port of Long Beach in California, reported Dow Jones Newswires.

Orient Overseas will fund the purchases using internal resources.

In January, OOIL, which has been operating terminal services in Long Beach since 1986, signed a lease for a major shipping facility being developed by the port, in a 40-year deal valued at $4.6 billion.