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Oakland port gets long-term tenant
2009/3/6
The Port of Oakland is adding a major tenant that has signed a 50-year agreement that could bring up to a US$2.5 billion investment to the docks and preserve thousands of jobs in the process, the San Francisco Chroncile reported.
The tenant is a terminal operator, owned in a partnership between Ports America Group, the largest American terminal operator, and Terminal Investments Limited. The concessionaire will operate berths 20 through 24 at the port, replacing AP Moller. The plan is to build a container terminal in the outer harbour and bring four additional huge cranes to the port''s outer harbour.
The group, called Ports America Oakland, is paying a $60 million up-front fee to the port and annual rent of at least $19.5 million, with the figure rising some each year.
Economic consultants to Ports America Oakland estimate the long- term agreement will yield 6,000 jobs and more than $100 million in direct personal income.
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2009/3/6