China shipping permit approved by Los Angeles city council

The Los Angeles City Council approved the 25-year lease agreement between the Port of Los Angeles and China Shipping Holding Company, LTD (CSHC) with a unanimous vote. This approval comes after four years of negotiations

China Shipping Company is the fastest growing steamship line in the world. Currently, CSHC has been conducting business with the Port of Los Angeles for 3 years sharing a container terminal with Yang Ming Line. The lease agreement provides China Shipping with its first exclusive U.S. terminal.

"We're pleased to have China Shipping as a customer with the Port of Los Angeles. Their long-term relationship is a commitment to serve the regions needs for decades to come", states Larry Keller, Executive Director for the Port of Los Angeles.

The first phase of the lease agreement encompasses a 75-acre, 1200-foot wharf for occupation in November 2002. The second phase of the agreement includes an additional 35 acres and an additional 4-year term.