Posted on November 8, 2023
Ocean Network Express (ONE) has completed its acquisition of significant stakes in three major container terminals on the U.S. West Coast and in Rotterdam.
The acquisitions include a 51% stake TraPac LLC (TraPac) and Yusen Terminals LLC (YTI) at the ports of Los Angeles and Oakland, respectively, and a 20% stake in Rotterdam World Gateway (RWG) at the Port of Rotterdam.
ONE signed definitive agreements to acquire the TraPac and YTI terminals from Mitsui O.S.K. Lines (MOL) and Nippon Yusen Kabushiki Kaisha (NYK), respectively, in December. TraPac and YTI have been providing container handling services and vessel stevedores in Los Angeles and Oakland for several decades. The terminals have a combined capacity of 4.3 million TEU annually.
RWG, on the other hand, operates a highly automated container terminal in the Port of Rotterdam, boasting an annual capacity of 2.6 million TEU.
ONE said the the acquisitions help to safeguard terminal capacity in key and strategic gateways.
“Container terminals are a critical link in the supply chain with the unique ability to cushion the impact of operating disruptions,” said Hiroki Tsujii, Managing Director of ONE’s Product & Network Division. ”ONE will leverage these terminals to help customers manage supply chain disruptions and improve service quality. In addition, these assets will enable ONE to deliver faster and more reliable service to our customers.”
The addition of TraPac, TYI, and RWG add to ONE’s terminal portfolio which also includes Magenta Singapore Terminal, a joint venture terminal between ONE and PSA Singapore (PSA) at Pasir Panjang Terminal with a combined annual handling capacity of 4 million TEUs.
ONE was formed in 2017 through the integration of Japanese shipping lines Kawasaki Kisen Kaisha (“K” LINE), Mitsui O.S.K. Lines (MOL), and Nippon Yusen Kaisha (NYK). It currently ranks as the world’s sixth-largest container line with a fleet size of approximately 1.7 million TEUs and 225 owned and chartered ships, according to Alphaliner.