ONE-owned terminal operator Yusen Terminals has secured approval from the Los Angeles Board of Harbor Commissioners for a 30-year extension of its operating permit at the Port of Los Angeles, tying its stay through 2056 to about $200m of additional investment in zero-emission cargo-handling equipment, according to the Port of Los Angeles.
The Fourteenth Amendment to Permit No. 692 extends the term from 1 October 2026 to 30 September 2056, taking the permit’s aggregate duration to 65 years.
The amendment still requires approval from the Los Angeles City Council under Sections 606 and 607 of the City Charter.
Guaranteed rent for the first five years of the extension, from 1 October 2026 to 30 September 2031, will rise by $10.4m, or 4.8%, from $213.8m to $224.2m.
The revised terms also reset rates to fair market value, change the compensation-adjustment mechanism, introduce a transfer fee and revise insurance and guarantee provisions.
Yusen operates the 231.87-acre terminal at Berths 212-224. It is the third-largest container terminal at Los Angeles by container volume and the largest north of the Vincent Thomas Bridge.
The environmental provisions require terminal equipment to move towards zero emissions, with Yusen estimating the investment needed at about $200m.
The terminal already operates electric top handlers, forklifts and yard tractors, as well as hydrogen fuel-cell equipment.
The amendment also allows previously approved work to raise the height and outreach of up to six cranes and replace up to two non-operating cranes.
The revised permit replaces an existing two-company guarantee structure with a guarantee from Ocean Network Express Pte Ltd. Yusen Terminals was established at the Port of Los Angeles in 1991 and provides stevedoring and marine terminal services.
Ocean Network Express is a Singapore-headquartered container shipping company operating more than 280 vessels with about 2.2m TEU of capacity and more than 165 services covering 120 countries. ONE’s holding company is owned 38% by Nippon Yusen Kaisha, 31% by Mitsui O.S.K. Lines and 31% by Kawasaki Kisen Kaisha. The three Japanese groups operate across international shipping and related maritime businesses.