Ocean Network Express has signed definitive agreements to acquire a 51% stake in each of TraPac LLC and Yusen Terminals LLC, currently held by Mitsui O.S.K. Lines, Ltd. and Nippon Yusen Kabushiki Kaisha respectively. 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 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 closing of these transactions is subject to the approval of the relevant authorities.
Ocean Network Express was established on July 7, 2017 by the integration of ‘K’ Line, MOL and NYK.
Their fleet size is 1,505,181 TEU which is the 7th largest in the world. Operations will be performed through a fleet of 205 vessels, including 35 super-large ships, such as the world largest 20,000TEU container-ships, in a service network covering over 120 countries around the world. ONE will further expand the number of ports in the future to Asia, North America, Europe, the Mediterranean Sea and the Middle East, also planning to expand our direct service to perform a wide service coverage.